Nifty Realty index hits 15-year high; Prestige Estates leads with 19% rally
Prestige Estates Projects jumped nearly 19% intraday to hit a fresh 52-week high of Rs 796.40 on the NSE, in turn helping the Nifty Realty index scale its 15-year high level of 612.25.
The price action was accompanied with strong volume as more than 69.32 lakh shares changed hands on the NSE around 12:50 pm, with the total traded value of the stock standing at Rs 520.11 crore.
The gains were on the back of the real estate company registering the highest sales of Rs 11,007.3 crore in H1 FY24, up 69% year-on-year (YoY), while the quarterly sales jumped 102% YoY to Rs 7,092.6 crore during Q2FY24.
The sales during this period is attributed to 6.84 mn square feet volume with an average realisation of Rs 10,369 per square feet, which rose 29% YoY for apartments/villas and average realisation of Rs 6,753 per square feet for plot, up 62% YoY. The group sold 3,659 units during Q2 FY24.
During Q2 FY24, five projects were launched in Bengaluru and Hyderabad spanning 13.10 million square feet.
Sobha was another top gainer in the 10-stock index with an uptick of 7% and was closely followed by Godrej Properties.
The others viz. DLF, Oberoi Realty, Macrotech Developers, Brigade Enterprises, The Phoenix Mills, Mahindra Lifespace and Swan Energy gained between 3.84% and 2.20%.
Prestige Estates Projects shares are trading above their 50-day and 200-day Simple Moving Average (SMAs) and the current rally puts the stock in a strongly overbought zone with MFI at 87.6.
