🚀 Oberoi Realty Share Price Soars by 9% on May 16
🏢 Real estate company Oberoi Realty saw its share price surge by 9% on May 16, reaching an all-time high. The company had announced its financial results for the January-March 2024 quarter and fiscal year 2023-24 the day before. The company’s consolidated net profit for the March 2024 quarter increased by 64% year-on-year to ₹788.03 crores, compared to ₹480.29 crores in the same quarter last year. Additionally, Oberoi Realty plans to raise ₹4,000 crores by issuing equity shares and non-convertible debentures.
📈 Share Price Performance
📅 On the morning of May 16, Oberoi Realty’s shares opened at ₹1,598.95 with a 9% increase, reaching a record high of ₹1,720 during the trading day. The company’s market capitalization crossed ₹62,300 crores. By Friday, May 17, the share price had risen by 2.58% to ₹1,755.
💰 Financial Results and Projections
💸 Oberoi Realty reported a total income of ₹1,558.56 crores for the March 2024 quarter, up from ₹995.11 crores in the same quarter last year. For the full fiscal year 2023-24, the company’s net profit increased to ₹1,926.60 crores from ₹1,904.54 crores in the previous year. Oberoi Realty’s total income for the quarter reached ₹4,818.77 crores, compared to ₹4,293.20 crores in the previous fiscal year.
🔮 Analyst Predictions
📊 Brokerages have raised their target prices for Oberoi Realty shares. Analysts at Motilal Oswal believe that the company’s near-term launch pipeline is strong, with expected bookings to increase by 41% to ₹7,900 crores by 2024-26. They also see the company’s ability to raise over ₹1,500 crores annually from completed projects like Sky City Phase 1, 360 West, and Eternia Enigma. Taking these factors into account, Motilal Oswal has reiterated a ‘Neutral’ call on Oberoi Realty stock and raised the target price to ₹1,435 per share.
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