India's Arvind Smartspaces hits record high; Axis Securities starts with 'buy'

Arvind Smartspaces

24/09/2024 10:48

** Real estate developer Arvind Smartspaces  ARVD.NS  jumps
18.4% to record 893.05 rupees
    ** Axis Securities starts with "buy", PT of 1,085 rupees
    ** Says recommendation supported by co's high-cash
visibility of new launches, asset-light business model and
strong cashflows
    ** Adds co's no-land bank strategy helps it maintain minimal
debt
    ** Avg rating of analysts is "strong buy"; mean PT is
1,067.67 rupees - LSEG
    ** Around 1.7 mln shares traded in stock's busiest day since
Dec. 16, 2020
    ** Stock up 108% YTD vs ~43% climb in Nifty Realty index
 .NIFTYREAL , which comprises ARVD peers

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))