India's Oberoi Realty slumps on worries over slowdown in new sales

Prestige Estates Projects

21/01/2025 05:20

** Shares of Oberoi Realty  OEBO.NS  slump 7.3% to 1,858
rupees, their worst one-day pct loss in nearly eight months
    ** OEBO top loser in Nifty realty index  .NIFTYREAL , down
3.1%
    ** Stock is also among top losers in mid-cap index
 .NIFMDCP100 , down 1.6%
    ** OEBO on Monday reported strong Q3 results, but analysts
flagged possible cancellations, sales slowdown at its new
project in Thane, outside India's financial capital Mumbai
    ** Sales momentum in Thane project declined after successful
launch, with overall quarterly sales lower than launch sales in
Oct, implying potential cancellations - Ambit Capital analyst
Karan Khanna
    ** OEBO down 20% in Jan, realty index down 13%
    ** Average rating of analysts covering OEBO is "hold"
    ** Peers Prestige Estates Projects  PREG.NS , Macrotech
Developers  MACE.NS  both rated "buy"



 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))