India's Motilal Oswal initiates Kolte-Patil Developers with 'buy', shares jump

Kolte-Patil Developers

10/04/2024 07:42

** Shares of Kolte-Patil Developers  KOLT.NS  rise as much
as 10.1% to 569.55 rupees, highest level in three months 
    ** Brokerage Motilal Oswal initiates coverage on stock with
'buy' rating, sets PT of 700 rupees 
    ** Developer's project pipeline as of December 2023 stood at
33 million square feet (msf), of which 18 msf represents future
pipeline; brokerage expects KOLT to deliver a 22% compounded
annual growth rate in pre-sales over FY24-26 to 45 billion
rupees ($540.8 million)
    ** Motilal analysts expect KOLT's robust cash flows along
with healthy balance sheet to enable improved business
development spends 
    ** Stock eyes busiest trading session since Jan 4
    ** Stock last up 8%, pushing YTD gains to ~14.4%


($1 = 83.2180 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))