Motilal Oswal initiates coverage on Signatureglobal (India) with 'buy', shares up

Signatureglobal (India)

13/08/2024 09:02

** Shares of real estate holding company Signatureglobal (India)  SIGT.NS 
up as much as 3.5% at 1,504 rupees 
    ** Motilal Oswal initiates coverage on co with "buy"; target price of 2,000
rupees - a 33% premium to day's high
    ** Co's agility to adapt to changing market preferences has enabled it to
foray into premium segment, which doubled its pre-sales to 73 billion rupees
($869.4 million) in FY24, Motilal Oswal analysts say
    ** "Expect growth momentum to remain intact, expect SIGT to deliver 35%
compound annual growth rate (CAGR) in pre-sales over FY24-27 to 178 billion
rupees" - analysts
    ** Brokerage values SIGT's existing project pipeline of about 30 million
square feet at 150 billion rupees
    ** Stock last up 2.9%, taking YTD gains to 70.4% 
    
    ($1 = 83.9650 Indian rupees)

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