Godrej Properties share price rose in early trade today after brokerage Jefferies initiated coverage on five stocks with a buy rating for Godrej Properties as its top pick. Share price of Godrej Properties gained 2.43% in a falling market to Rs 619 compared with previous close of Rs 604.30 on BSE. The stock closed flat at Rs 602 on BSE.
Godrej Properties share price currently stands below the 5, 20, 50, 100 and 200-day moving averages. The stock has lost 11.02% returns in the last 4 days.
The share price has lost 11% in one week, 14.23% in one month and 22.22% in a year.
Volume-wise, 0.25 lakh shares changed hands on BSE amounting to turnover of Rs 1.54 crore.
Jefferies has set a target price of Rs 945 per share for Godrej Properties. During the lockdown, Godrej Properties in April added two new projects in Worli and Matunga East, Mumbai. Godrej Properties in fourth quarter of last fiscal said it sold over 3,000 homes in the fourth quarter, the highest ever in terms of numbers and value during the period. In the last quarter, the firm received bookings worth Rs 2,380 crore representing quarter-on-quarter growth of 100% and year-on-year growth of 10%. The real estate firm launched 17 new projects in FY20 out of which six were started in Q4.
In the second half of March when economic activity came to a standstill due to the 21-day lockdown, the firm managed to sell over 500 homes as it took digital route to sustain operations. The brokerage also gave target price for DLF at Rs 186, Oberoi Realty at Rs 423, Prestige Estates at Rs 246 and Sobha with price target of Rs 311 per share.