Godrej Properties shares surge nearly 10% to record high. Should you invest?
Godrej Properties shares surged 9.7% to a record high of Rs 2,816.90 on BSE. Brokerages raised target prices after a 14% YoY increase in consolidated net profit to Rs 471 crore for Q1 2024. The company achieved its highest-ever quarterly sales, with booking value at Rs 9,519 crore.
of jumped 9.7% in today’s session on BSE to a new all-time high of Rs 2,816.90 after increased for the stock following a 14% year-on-year (YoY) growth in its consolidated at Rs 471 crore for the quarter ended March 2024.The realty player has clocked the highest ever for the third quarter in a row with at Rs 9,519 crore, showing a YoY growth of 135%, from the sale of 8.17 million sq ft of area.
After the results impressed the street, here’s what brokerages have to say:
Nuvama
As cash flow generation remains a key stock trigger and with the housing cycle turning, Nuvama reckons that the will stay for a while.
maintained its ‘hold’ rating for the stock with a target price of Rs 2,828 from Rs 2,338.
Motilal Oswal
“GPL delivered an exceptional performance with 84% YoY growth in bookings, aided by the strong positive reception of new launches in both the NCR and Mumbai. Given the healthy demand environment, management is confident of delivering consistent growth over the medium term,” said Motilal Oswal.maintained their ‘buy’ rating with an increased target of Rs 3,000.
Kotak Institutional Equities
KIE states that they are encouraged by the strong showings by GPL in terms of robust business development, strong cash collections and positive management guidance for FY25. However, the brokerage believes that all positives are already captured in the current market price.KIE therefore rates as a ‘sell’ with a target price of Rs 1,780.
Also read: Tata
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
