Buy Godrej Properties, target price Rs 1040: Edelweiss

Edelweiss has given a buy rating to Godrej Properties with a target price of Rs 1040. The share price moved up by 0.66 per cent from its previous close of Rs 934.85. The stock’s last traded price is Rs 941.

Godrej Properties Ltd., incorporated in the year 1985, is a Large Cap company (having a market cap of Rs 23554.42 Crore) operating in Real Estate sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 72.29 Crore, down 93.78 % from last quarter Sales of Rs 1163.05 Crore and down 88.63 % from last year same quarter Sales of Rs 635.88 Crore. The Company reported net profit after tax of Rs 9.96 Crore in latest quarter.

Investment Rationale
Stock is trading within a range from the past few sessions and is hovering near its breakout level. Also, the stock is witnessing an increase in trading volume, showing signs of accumulation near breakout level.

Promoter/FII Holdings
Promoters held 64.5 per cent stake in the company as of June 30, 2020 while FIIs held 19.3 per cent, DIIs 7.9 per cent and others 11.3 per cent.