India's Oberoi Realty hits record high on NCR luxury project plan

Oberoi Realty

20/11/2023 04:43

** Shares of Oberoi Realty  OEBO.NS  rise as much as 4.3% to
fresh all-time high of 1,398.7 rupees
    ** Stock hits record high for fourth straight session
    ** Real estate developer said late on Friday it bought land
in Gurugram, Haryana, for 5.97 bln rupees ($71.72 mln) to
develop luxury housing project
    ** Deal marks OEBO's foray into National Capital Region
(NCR)
    ** Expect this to be high-margin project for OEBO, see
launch in FY25 - Axis Capital
    ** OEBO up ~60% this year vs 61% rise in Nifty Realty index
 .NIFTYREAL 
    ** Seven of the 21 analysts covering OEBO have "buy" or
"strong buy" rating, 8 have "hold", 6 "sell" or "strong sell";
median PT is 1,140 rupees - LSEG data

($1 = 83.2440 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))