India's Oberoi Realty hits record high after Axis Securities begins with 'buy'

Oberoi Realty

16/12/2024 09:09

** Shares of real estate developer Oberoi Realty  OEBO.NS 
rise as much as 7.8% to a record high of 2,281.80 rupees
    ** Stock last up 6.7%; top pct. gainer among realty stocks
 .NIFTYREAL 
    ** Axis Securities initiates coverage on OEBO with "buy"
rating and Street's second-highest PT of 2,560 rupees
    ** Brokerage likes company's dominance in Mumbai's luxury
real estate market and the brand's ability to command higher
realisations
    * OEBO's strong cash flows, high margins and low leverage
will not only help it grow, but also "weather difficult periods
effectively" - Axis
    ** More than 3.1 mln shares traded, ~2 times the 30-day avg
volume - LSEG data
    ** OEBO is the only stock on the 10-member Nifty Realty
 .NIFTYREAL  index that has the average rating of "hold"; rest
rated "buy" or higher - LSEG data
    ** OEBO up ~57% YTD vs a 43% gain in the realty index

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))