Brokerages expect the company, which has projects in premium market Bandra Kurla Complex (BKC) and Goregaon in Mumbai, to report weak numbers due to cash ban.
Analysts expect that FY18 will be the second consecutive year of volume growth after a series of declines between FY10 and FY16.
In a call with analysts, the company's management said October sales growth was 40%, which dropped to low double digits in November and December post demonetisation.
Earnings for the December quarter grew 37% compared with the September quarter, driven by higher footfalls -12.5% same store sales growth (SSG). This beat analysts' expectations causing its stock to gain 17% after the results announcement on Tuesday .
The company added another 70,000 tonnes, or 50%, to its DI pipe capacity, in the September quarter and it is already running at 100%, according to the management.
According to sources, domestic fund houses are queuing up to meet the company management, which has already conducted roadshows overseas.
Three other entities hold more than 1% in OFSS – Citigroup Global Mauritius, Mansfield Mauritius and Merrill Lynch Singapore. Together, these three hold 4.14% of OFSS.
The land holder in any real estate project has to pay tax on the gains only once the project is complete.
Unlike the case in the past 2 yrs, traders have very little expectations from this year’s Budget — coming between two major events: Demonetisation and the UP polls.
Analysts are expecting Vedanta’s standalone net debt (post Cairn merger) to be slashed by two-third by FY18-end from around Rs 56,000 at Septemberend.
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