Quote on S&P BSE Realty up by 2.06% at 3393 at 52 weeks high, should investors buy real-estate stocks by Mr. Yash Gupta, Angel Broking Ltd
Below is quote on S&P BSE Realty up by 2.06% at 3393 at 52 weeks high, should investors buy real-estate stocks by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd
We have give a buy rating on Sobha Limited at ₹627, we expect the residential market to do well in near future. Sobha Limited operates in Residential & Commercial real-estate along with Contractual business. Companies 70% of residential pre-sales comes from Bangalore market which is one of the IT hubs in India, we expect new hiring by IT industry will increase residential demand in Bangalore, Pune and Chennai. We have seen a strong consolidation in the top-10 cities in India towards organized players post Demon, RERA, IL&FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue. The company expected to launch 17 new projects/phases spread over 12.56mn sqft across various geographies. The majority of launches will be coming from the existing land bank. Company having a land bank of approx. 200mn Sqft of salable area. We continue with our buy rating on Sobha Limited and Neutral outlook on Godrej Properties.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One