According to ICICI Direct, The share price has resolved out of past four months healthy base formation (Rs 300-400), which was formed near lower band of past seven years rising channel, indicating acceleration of upward momentum.
ICICI Direct recommended hold rating on Oberoi Realty with a target price of Rs 410 in its research report dated July 17, 2020.
Net Sales are expected to decrease by 48 percent Y-o-Y (down 6 percent Q-o-Q) to Rs. 313.5 crore, according to ICICI Direct.
Total income also declined to Rs 126.86 crore in the first quarter of ongoing fiscal from Rs 618.10 crore in the corresponding period of the previous year.
The new campus will be located at Oberoi Realty’s Commerz III building in Goregaon and will be ready in 2023.
Employees will be compensated for the period of the lockdown and will be paid their balance dues in full compliance with all applicable HR compliances, the company said.
Much like Bollywood, Mumbai real estate needs to also evolve and upgrade. Time is running out.
Oberoi Realty, through its subsidiary, Incline Realty Pvt Ltd, prepaid 125 listed non-convertible debentures.
The Mumbai-based developer said in a statement that the company through its wholly owned subsidiary Incline Realty Pvt Ltd has prepaid 125 listed non-convertible debentures (NCDs) of Rs 1 crore each, aggregating to Rs 125 crore and its interest payment.
The shares were bought on an average price of Rs 438.38 valuing the transaction at Rs 220 crore.
The earnings of the company failed to impress the market as brokerages came out with mixed views on the stock.
Total income, however, fell to Rs 536.53 crore in the third quarter of 2019-20 from Rs 548.79 crore in the same period a year ago, according to a regulatory filing.
The jump in finance cost to Rs 25 crore in Q2 (against Rs 6 crore YoY) also impacted profitability.
The company had reported a consolidated net profit of Rs 213.83 crore in the year-ago period, Oberoi Realty Ltd said in a filing to the BSE.
Confirming the development, a senior official of the I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi and also of a difference between the sale price of housing units shown on the books and the registered prices.
ICICI Direct recommended hold rating on Oberoi Realty with a target price of Rs 590 in its research report dated July 26, 2019.
Arihant Capital recommended Hold rating on Oberoi Realty with a target price of Rs 577 in its research report dated July 25, 2019.
Motilal Oswal is bullish on Oberoi Realty has recommended buy rating on the stock with a target price of Rs 650 in its research report dated July 25, 2019.
Its net profit stood at Rs 309.65 crore in the year-ago period, the company said in a regulatory filing.
Net Sales are expected to decrease by 35.2 percent Y-o-Y to Rs. 572.6 crore, according to ICICI Direct.
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 1.5 points or 0.01 percent. Nifty futures were trading around 11,867-level on the Singaporean Exchange.