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Prestige Estate Jumps 4% On Management Guidance


Shares in Prestige Estates, jumped as much as 4 per cent, after the management guided for a sharp jump of 50 per cent in Q4 sales.

The stock was last trading at Rs 166 on the National Stock Exchange.

Prestige Estate Jumps 4% On Management Guidance
"The last quarter has been quite good. We have done three pre launches and all three have met with good response. We have launched the Prestige Kew Gardens which has done extremely well and we have almost sold more than 50 percent of the inventory. Similarly, we did Prestige Fairfield.

Even that has sold well and that has sold more than 60-65 percent. Also, Prestige Boulevard in Whitefield, " Irfan Razack, chairman and managing director of the company was quoted by CNBC TV 18 as saying.

Real Estate stocks have seen good traction, ever since the passage of the Real Estate Bill by both the houses of parliament.

Analysts believe that this could lead to transparency and better accountability in the sector.

Today, however, only Prestige Estates rallied, while stocks like Phoenix Mills, Godrej Properties and HDIL were seeing some selling pressure in trade.

Analysts are still not certain whether it would be a good time to invest in real estate stocks. Many believe that the industry is not out of the woods as such and most companies are still saddled with bad debts.

Read more about: prestige estates
Story first published: Wednesday, March 23, 2016, 12:47 [IST]
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