Prestige Estates Projects Ltd Share Price – NSE  /  BSE

Realty, Mid Cap

Prestige Estates Projects will hold a meeting of the Board of Directors of the Company on 31 July 2024.

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The key equity benchmarks traded with significant gains in the afternoon trade. The Nifty traded near the 24,500 level. Private bank shares extended gaining streak for the second consecutive trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 594.78 points or 0.74% to 80,499.87. The Nifty 50 index added 182 points or 0.75% to 24,497.95.

The Sensex and Nifty clocked an all-time high of 80,893.51 and 24,592.20 respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.15% and the S&P BSE Small-Cap index gained 0.17%. The S&P BSE Mid-Cap index hit an all-time high at 47,858.24.

The market breadth was weak. On the BSE, 1,814 shares rose and 1,961 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index rose 0.56% to 26,276.80. The index rose 0.71% in two trading sessions.

Axis Bank (up 2.46%), Federal Bank (up 1.11%), RBL Bank (up 1.02%), IDFC First Bank (up 0.49%) and ICICI Bank (up 0.41%) IndusInd Bank (up 0.34%), HDFC Bank (up 0.31%) advanced.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.51% to 13.92. The Nifty 25 July 2024 futures were trading at 24,533, at a premium of 1.00 point as compared with the spot at 24,497.95.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 36 lakh contracts at the 25,000 strike price. Maximum Put OI of 69.5 lakh contracts were seen at 23,500 strike price.

Stocks in Spotlight:

Prestige Estates Projects advanced 1.73%. The real estate developer informed that its sales stood at Rs 3,029.5 crore in Q1 FY25, registering a de-growth of 22.61% on YoY basis.

AVG Logistics jumped 3.60% after the company announced that it has been awarded the tender as the authorized partner for express parcel services by Uttar Pradesh State Road Transport Corporation (UPSRTC).

Oriental Rail Infrastructure hit an upper circuit of 5% after the company’s wholly-owned subsidiary, Oriental Foundry bagged an order worth Rs 432.15 crore from the Indian Railways.

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The company’s sales collections rose 6% YoY to Rs 2,916.2 crore in first quarter of FY25.

During the quarter, area sold declined by 25.33% YoY to 2.86 million square feet while the company sold 1,364 units in Q1.

The company launched two residential projects in Bengaluru, covering a total developable area of 1.86 million square feet, with a combined GDV of around Rs 1,400 crore.

Irfan Razack, chairman and managing director of the company said: “We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 3,000 cr. During the quarter, we have also released South Block in Prestige Ocean Towers in Marine Lines, Mumbai and have received overwhelming response for the same.

We have maintained a healthy mix of sales from our top geographies: Bengaluru (43%), Hyderabad (32%), and Mumbai (23%). In the upcoming quarters, we look forward to launching an extensive pipeline of projects across diverse geographies, such as Prestige Pallava Gardens in Chennai, Prestige Forest Hills in Mumbai, The Prestige City Indirapuram in NCR, Prestige Biosphere in Goa, and Prestige Southern Star, Prestige Raintree Park, Prestige Pine Forest, etc in Bengaluru; to name a few.”

Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.

The realtor has reported 70.1% drop in consolidated net profit to Rs 140 crore on 17.8% decline in net sales to Rs 2,164 crore in Q4 FY24 over Q4 FY23.

The scrip rose 1.63% to currently trade at Rs 1,796.45 on the BSE.

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Meanwhile, the board of directors also approved to monetize assets of the Hospitality segment through Prestige Hospitality Ventures, a wholly owned subsidiary of the company by way of issue of shares, subject to approval of shareholders, market conditions and receipt of applicable approvals.

Hence, the board has formed sub-committee to oversee and structure the process. The committee is tasked with the responsibility of ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters and making all necessary arrangements.

Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has diversified business model across various segments, viz residential, office, retail, hospitality, property management and warehouses with operations in more than 12 major locations in India. The Group has completed 300 projects spanning a developable area of approximately 190 million square feet.

Prestige Estates Projects has reported 70.1% drop in consolidated net profit to Rs 140 crore on 17.8% decline in net sales to Rs 2,164 crore in Q4 FY24 over Q4 FY23.

The scrip fell 1.24% to end at Rs 1,990.70 on Friday, 21 June 2024

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