Sobha shares hit 52-week high: The Nifty Realty index experienced a substantial surge, reaching an almost 6% increase, culminating in a fresh 52-week high at 832.70. This surge was marked by notable jumps of 7-19% in the stocks of Sobha, Brigade, and Lodha. Additionally, DLF, Godrej Properties, and Oberoi Realty registered gains exceeding 5%.
The entire Nifty Realty index, consisting of 10 components, recorded an overall increase of 5.55%. Impressively, over the past year, the Nifty Realty index has demonstrated a remarkable surge of 94%. Noteworthy individual gains were observed in Prestige Estates Projects and Sobha, with gains of almost 180% and 120%, respectively.
Top Gainers and Losers in the Nifty Realty Index
| Company | Percentage Change |
|---|---|
| Sobha | +19% |
| Brigade Enterprises | +14% |
| Macrotech Developers (Lodha) | +7% |
| DLF | +5% |
| Godrej Properties | +5% |
| Oberoi Realty | +5% |
| Macrotech Developers | -1.03% |
| Brigade Enterprises | -0.92% |
| Swan Energy | -0.52% |
| Mahindra Lifespace Developers | -0.1% |
Positive Outlook for Sobha Ltd. Boosts Share Prices
- Motilal Oswal raises Sobha Ltd.’s target price from Rs 960 to Rs 1,400.
- Sobha Ltd. shares reach an all-time high following the target price revision.
- Motilal Oswal cites a sustainable growth outlook, healthy cash flows, and profitability as reasons for the optimistic target price.
- The brokerage predicts Sobha’s outperformance in growth due to the focus on unlocking vast land reserves and exploring external growth opportunities.
- Revised presales estimates for FY24 and FY25 indicate higher launches over FY24–26, contributing to further growth visibility.
- Potential risks include a slowdown in residential absorption, delays in land parcel monetization, and challenges in signing business development deals.
Nifty Realty Index Ends Positively, Top Gainers and Losers
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Nifty Realty Index Performance
| Company | Percentage Change |
|---|---|
| Sobha Ltd. | +10.78% |
| Prestige Estates Projects Ltd. | +4.71% |
| Phoenix Mills Ltd. | +2.46% |
| Godrej Properties Ltd. | +1.8% |
| Oberoi Realty Ltd. | +1.34% |
| Macrotech Developers Ltd. | -1.03% |
| Brigade Enterprises Ltd. | -0.92% |
| Swan Energy Ltd. | -0.52% |
| Mahindra Lifespace Developers Ltd. | -0.1% |
Market Overview and Closing Statistics
- Nifty Realty index concludes with a 0.73% increase at 783.05.
- Benchmark NSE Nifty50 index is down 47.3 points at 21731.4; BSE Sensex is down 170.12 points at 72240.26.
- None of the 50 stocks in the Nifty index closed in the red.
- Most traded shares include Vodafone Idea, Reliance Power, YES Bank, Alok Industries, and JP Power.
52-Week Highs and Lows
| 52-Week Highs | 52-Week Lows |
|---|---|
| Allcargo Terminals | Raj Rayon |
| BAG Films | IKIO Lighting |
| Bharat Road Net | Azad Engineering |
| S Chand & Co | GIR Natureview |
| Mahamaya Steel | BDR Buildcon |