Prestige Estates shares climb 4% on stellar Q2 sales 

Shares of Prestige Estates gained nearly 4 per cent today after the realty firm's sales bookings climbed 66 per cent year-on-year in the second quarter. Prestige Estates stock climbed an intraday high of Rs 447.25 ,rising 3.79 percent against the previous close of Rs 434.10 on BSE. The stock is trading higher than the 5 day, 20 day and 100 day moving averages but lower than 50 day and 200 day moving averages. Total 0.21 lakh shares of the firm changed hands amounting to a turnover of Rs 94.41 lakh on BSE. The stock hit its 52-week high of Rs 553.40 on January 18, 2022 and a 52-week low of Rs 375 on July 5, 2022.

Market cap of the firm rose to Rs 18,020 crore on BSE.

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The realty stock has gained 1.78 per cent in a year and plunged 5.44 per cent in 2022.

Sales climbed to Rs 3,511 crore due to higher demand despite a rise in home loan interest rates. In the July-September period last fiscal, sales stood at Rs 2,111.9 crore. Collections from customers rose 68 per cent year-on-year to Rs 2,602.9 crore, the company said in its operational update for the Q2 and H1 of this fiscal.

"Sales during this period are attributed to 4.55 million square feet volume with an average realisation of Rs 7,711 per square feet," the company said. During the first half (H1) of this fiscal, Prestige Group's sales bookings more than doubled to Rs 6,523.1 crore against Rs 2,845.9 crore in the corresponding period of the previous year.

Sales during the period are attributed to 8.18 million square feet volume with an average realisation of Rs 7,976 per square feet, the company said.

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Prestige Estates Projects is into the business of real estate development, hospitality and allied services. The company is engaged in developing real estate projects across residential, office, retail and hospitality segments. The company's project locations include Bengaluru, Chennai, Kochi, Hyderabad, Mumbai and Goa.