Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

ICICI Securities upgrades Oberoi Realty to buy, target price Rs 577

Buy Oberoi Realty Ltd. at a price target of Rs 577.0 .|
Updated: Oct 14, 2019, 08.51 AM IST
ICICI Securities has upgraded Oberoi Realty in the long term to buy from add with a target price of Rs 577. The stock ended up 0.34% at Rs 496.5 on Friday while the BSE Sensex closed 246.68 points up at 38,127.08.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 603.25 crore, up 5.19 % from last quarter sales of Rs 573.51 crore and down -32.09 % from last year same quarter sales of Rs 888.26 crore. The company has reported net profit after tax of Rs 150.83 Crore in latest quarter.

Investment Rationale

Recent negative developments in the real estate sector, where funding from NBFCs has slowed down, has raised questions about developers’ ability to keep their heads above water and having to resort to steep discounts to offload inventory and pay off their maturing debt, said ICICI Securities. While majority developers in Mumbai comprise mid- and smalltier developers with stretched balance sheets, Oberoi Realty clearly stands out with its strong balance sheet and execution track record, the brokerage said.
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Disclaimer: This recommendation is analyst's own and does not represent those of & Please consult your financial advisor before taking any position in the stock/s mentioned.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service