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    Prestige Estates shares rise over 3% on acquisition of a 21-acre land parcel in Bengaluru

    Synopsis

    As per Trendlyne data, the average target price of the stock is Rs 1,244, which shows a downside of 4% from the current market prices. The consensus recommendation from 16 analysts for the stock is a 'Buy'.

    Prestige Estates shares rise over 3% on acquisition of a 21-acre land parcel in BengaluruETMarkets.com
    Prestige Estates Projects shares rose 3.4% to Rs 1,350 in Friday's trade on BSE after the company announced its latest acquisition of approximately 21 acres of prime land in Whitefield, Bengaluru.

    "The acquired land will be planned for residential development spanning approximately 4 Mn Sft of developable area, comprising around 1800 apartments. The cost of acquisition is Rs 450 crore," the company said in an exchange filing.

    "The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 Mn Sft of developable area, with a projected Gross Development Value (GDV) of Rs 4,500 crore," Irfan Razack, Chairman and Managing Director of Prestige Group, said.

    Venkat K Narayana, Group CEO of Prestige Group, said, "The project will strengthen our sales in our home market and we look forward to launching the project within the next three quarters and completing the development in 4-year time."

    However, by 11:24 am, the stock had stabilized and was trading flat at 1,306.5 on BSE. Prestige Estates has also been a standout performer, with its stock price soaring 215% over the last year and registering a 95% gain in the past six months.

    As per Trendlyne data, the average target price of the stock is Rs 1,244, which shows a downside of 4% from the current market prices. The consensus recommendation from 16 analysts for the stock is a 'Buy'.

    In terms of technicals, the relative strength index (RSI) of the stock stands at 65.5, signaling it's neither trading in the overbought nor in the oversold territory. MACD is at -1.6, which is above its center and signal Line, this is a bullish indicator.

    The stock stood higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages (SMAs).

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)


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    (You can now subscribe to our ETMarkets WhatsApp channel)

    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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