Prestige Estates Reported Strong Results, Stock Up

Shares of Prestige Estates Projects hit a 52-week high on the NSE and the BSE as the company posted good quarterly numbers.

According to the Company, its net profit rose by 29.88pc to Rs.139.10-cr in the quarter ended March 2019 as against Rs.107.10-cr during the matching quarter, year ago. Its sales also mounted 7pc to Rs.1979.30-cr in the quarter ended March 2019 V/s Rs.1848.6-cr during the related quarter ended March 2018.

Meanwhile, Morgan Stanley maintained OVERWEIGHT on the stock and increased target price to Rs.347 from Rs.320.

During the afternoon hours of trade, Prestige Estates Projects Ltd was trading at Rs292.50, up by Rs 6.90 or 2.42% from its previous closing of Rs285.60 on the NSE. The stock opened at Rs.287 and has touched a high and low of Rs292.80 and Rs283 respectively.

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