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Nifty Realty index under pressure; Godrej Properties tanks after Q2 PAT tumbles

Shares of Godrej Properties slumped 9% among top loser on the realty index.

November 03, 2020 2:41 IST | India Infoline News Service
Stock Market Crash
The Nifty Realty index slipped over 200 points or 2% in the afternoon session as the selling pressure witnessed in Godrej Properties, Indiabulls Real Estate and Phoenix.

Shares of Godrej Properties slumped 9% among top loser on the realty index. The company’s net profit declined by 77.51% to Rs7.10cr in the quarter ended September 2020 as against Rs31.57cr during the previous quarter ended September 2019. Also, its sales dropped by 65.53% to Rs89.50cr in the quarter ended September 2020 as against Rs259.67cr during the previous quarter ended September 2019.

Commenting on the performance of Q2 FY2021, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said: “The real estate sector continues to be impacted by the pandemic but we believe this provides Godrej Properties with a tremendous opportunity to drive market share growth in residential real estate. While our planned launches in the second quarter were postponed due to regulatory approval delays, we were happy to see one of our strongest ever quarters for sales from existing projects. With a robust launch pipeline in the second
half of the financial year, we expect strong sales momentum during this period.”

Indiabulls Real Estate dropped 2%, Phoenix and DLF also dipped 2% and Brigade also slipped down marginally.

Sunteck, Omaxe and Sobha are in the positive zone, Oberoi Realty and Prestige gained 1% each on the realty index.

According to the Knight Frank report, the registration of residential properties in Mumbai Metropolitan Region (MMR) during October rose 36% yoy at 7,929 units on higher demand during festive season and reduction in stamp duty by the Maharashtra government. Home sales volume in Mumbai stood at 7,929 units in October 2020 and were boosted by stamp duty cut and festive period of Navratri and Dussehra, Knight Frank said in a report.

Meanwhile, benchmark indices trading higher tracking a broad-based rally in Asian peers. The rally was also led by financials with ICICI Bank, IndusInd Bank, SBI, HDFC Bank and Axis Bank gaining the most.

The BSE Sensex is up 555.03 points or 1.40% at 40312.61, and the Nifty jumped 157.80 points or 1.35% at 11,827.

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PRESTIGE (NSE)

The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

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