Godrej Properties shares experienced a significant surge of almost 5% after Bank of America (BofA) upgraded its rating from 'Neutral' to 'Buy' and raised the target price from Rs 3,500 to Rs 3,600. This upgrade was prompted by the attractive risk-reward profile following a recent correction in the stock.

BofA emphasized the strong residential real estate cycle and highlighted Godrej Properties' advantageous position with ample inventory. The brokerage expects a compound annual growth rate (CAGR) of over 20% in bookings, with the anticipation that the company's collections and operating cash flow growth will surpass its bookings.

At 1 PM, the stock was trading at Rs 2,828, reflecting a 4.5% increase. Year-to-date, the stock has gained over 40%, outperforming the Nifty 50's 9% rise during the same period. This marks the fifth consecutive day of gains for Godrej Properties, which saw a 9% increase in the week ending November 17, recovering from four weeks of negative returns.