Prestige Estates shares rise over 3% on acquisition of a 21-acre land parcel in Bengaluru

"The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 Mn Sft of developable area, with a projected Gross Development Value (GDV) of Rs 4,500 crore," Irfan Razack, Chairman and Managing Director of Prestige Group, said.

Venkat K Narayana, Group CEO of Prestige Group, said, "The project will strengthen our sales in our home market and we look forward to launching the project within the next three quarters and completing the development in 4-year time."

However, by 11:24 am, the stock had stabilized and was trading flat at 1,306.5 on BSE. Prestige Estates has also been a standout performer, with its stock price soaring 215% over the last year and registering a 95% gain in the past six months.

As per Trendlyne data, the average of the stock is Rs 1,244, which shows a downside of 4% from the current market prices. The consensus recommendation from 16 analysts for the stock is a 'Buy'.

In terms of technicals, the relative strength index (RSI) of the stock stands at 65.5, signaling it's neither trading in the overbought nor in the oversold territory. MACD is at -1.6, which is above its center and signal Line, this is a bullish indicator.

The stock stood higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages (SMAs).

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