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Indian equity markets closed lower on January 3, with the Sensex dropping 720.60 points to 79,223.11 and the Nifty falling 184 points to 24,004.75. Tata Motors and Nestle India were the top gainers, while Zomato and HDFC Bank led the losses. Market sentiment remains cautious amid concerns over slowing growth and foreign fund outflows.
Analysts at SBI warn that under a potential Trump 2.0 administration, the Indian rupee may depreciate by 8-10%, with projections suggesting an average exchange rate of 87-92 against the dollar. This scenario poses significant challenges for Indian markets, particularly affecting companies like Godrej Properties and Bajaj Auto.
Godrej Properties has increased the size of its qualified institutional placement (QIP) to Rs 6,000 crore from the previously announced Rs 4,000 crore. The QIP, aimed at funding the company's growth plans, will open on November 27, 2024, as authorized by the Placement Committee. On November 28, the company's shares were trading at Rs 2,839.65 on the NSE, reflecting a slight increase of 0.20 percent.
Godrej Properties has increased the size of its Qualified Institutional Placement (QIP) to Rs 6,000 crore, up from the previously planned Rs 4,000 crore, as reported by CNBC-TV18. This move reflects the company's strategy to enhance its capital base for future growth initiatives.
Nifty is expected to continue its upward trend on the F&O expiry day, signaling positive market sentiment. Meanwhile, Godrej Properties has opened its Qualified Institutional Placement (QIP) to attract investments. Stay updated with relevant content and transaction notifications.
Godrej Properties aims to raise up to Rs 4,000 crore through a Qualified Institutional Placement (QIP) with an indicative price of Rs 2,595 per share, as reported on November 27. The company has set a floor price of Rs 2,727.44 per share and plans to sell 5.5% equity, totaling 1.54 crore shares. This move follows the board's approval to raise up to Rs 6,000 crore through various instruments as part of its capital-raising strategy.
Jefferies is optimistic about the real estate sector, noting a six-month high in residential sales in October, driven by strong festive demand. The firm highlights Godrej Properties, Macrotech Developers, and DLF as top picks, anticipating a 25% growth in pre-sales for FY25 despite a mixed Q2 performance. The sector is poised for significant activity with new launches and a robust project pipeline in the latter half of the fiscal year.
BJP's decisive victory in Maharashtra has sparked a surge in real estate stocks, with the Nifty Realty index rising over 3%. Key players like Godrej Properties, DLF, and Prestige Estates saw gains of 1-7%, driven by optimism for renewed infrastructure focus in the state after years of political instability. Analysts believe this consolidation in governance will enhance sentiment and accelerate stalled development projects.
Godrej Properties shares surged nearly 5% after Bank of America upgraded the stock to 'Buy' and raised its target price to Rs 3,600, citing an attractive risk-reward profile. The stock has gained over 40% year-to-date, significantly outperforming the Nifty 50's 9% rise. BofA highlighted a robust residential real estate cycle and projected over 20% CAGR in bookings, with expectations for collections and operating cash flow growth to outpace bookings.
ICICI Securities has maintained a SELL rating on Godrej Properties, setting a revised target price of INR 2,113, up from INR 1,861, due to high valuations. The company reported strong Q2FY25 sales bookings of 5.2msf worth INR 52bn, driven by significant launches, and is on track to meet its FY25 sales guidance of INR 270bn. Despite robust performance, the valuation at 6.5x FY26E P/B remains a concern.
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