Shares of Prestige Estates Projects were marginally down in early trade on November 24 after the company launched a residential project at the Bangalore IT hub.
At 9:26am, Prestige Estates Projects was quoting Rs 914.25, down Rs 2.55, or 0.28 percent, on the BSE.
On November 23, the company announced the launch of Prestige Glenbrook—a highrise residential project in the heart of Whitefield, Bangalore's IT hub.
The development comprises 285 apartments in two towers with a developable area of 0.7 million square feet and has a revenue potential of Rs 550 crore, the company said.
Catch all market action in our live blog
Broking house Motilal Oswal in its report dated November 8, reiterated its 'buy' rating on the stock with increased target price of Rs 1,000, indicating a 20 percent upside potential.
The broking firm remain positive on the company’s pre-sales growth trajectory and resultant cash flows from residential businesses. While the increase in net debt remains a concern in the near term, it believes the ramp-up in cash flows beyond FY25 will allay leverage concerns.
In the quarter ended September 2023, the company posted 505.7 percent jump in its net profit at Rs 850.90 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
