Nifty Realty Hits Record High: Macrotech Developers, Sobha, DLF Shares Soar by Up to 20%”

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Nifty Realty Hits Record High Macrotech Developers, Sobha, DLF Shares Soar by Up to 20%

“On January 4, several real estate companies experienced a remarkable surge, propelling the Nifty Realty index to a new all-time high of 836.45, marking a more than 6 percent increase. Sobha led the gains with a phenomenal 20 percent rise to achieve a new record high, fueled by Motilal Oswal Financial Services’ endorsement as one of its top picks for 2024.

Motilal Oswal has issued a buy call on Sobha, setting a target price of Rs 1,400, expressing confidence in the stock’s potential for growth as it unlocks extensive land reserves and explores opportunities beyond its existing land bank.

The brokerage anticipates that project launches on Sobha’s large land parcels in Bengaluru and Tamil Nadu will be instrumental in driving a re-rating for the company’s existing land valuation.

“While underperforming its listed peers on pre-sales growth over FY21-23, we believe Sobha is poised to outperform in terms of growth due to its focus on unlocking its vast land reserve and exploring external growth opportunities through its healthy balance sheet,” Motilal Oswal stated.

This surge in real estate stocks reflects a positive outlook for the sector, and Sobha’s strategic moves are positioned to contribute significantly to its growth trajectory in the coming year.”

SOURCE: Money Control

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