Shares of Prestige Estates Projects are in news today after the real estate firm reported a 23 per cent fall in its sale bookings to Rs 3,029.5 crore in the June 2024 quarter on lower volumes due to delay in launches of new projects. Sale bookings stood at Rs 3,914.7 crore in the year-ago period.
Prestige Estates stock ended 0.76% lower at Rs 1767.70 on Thursday against the previous close of Rs 1781.25 on BSE. Total 0.32 lakh shares of the firm changed hands amounting to a turnover of Rs 5.58 crore. Market cap of Prestige Estates slipped to Rs 70,860 crore on BSE.
Prestige Estates shares have a one-year beta of 1.2, indicating very high volatility during the period. In terms of technicals, the relative strength index (RSI) of Prestige Estates stands at 47.3, signaling it's trading neither in the overbought nor in the overtrading zone.
Prestige Estates stock stands higher than the 50 day, 100 day, 150 day, 200 day but lower than the 5 day, 10 day, 20 day, 30 day moving averages.
Prestige Estates said the company sold 2.86 million square feet in April-June against 3.83 million square feet in the corresponding period of the previous year. Total units sold during the first quarter of 2024-25 were 1,364. The average realisation was Rs 11,934 per square feet for apartments, villas and commercial spaces, up by 16 per cent year-on-year (yoy).
"We are pleased with our performance in Q1 FY25, which reflects our robust market presence. Despite the lag in approvals and project launches during the election period, we still crossed a commendable sales figure of Rs 3,000 crore," Irfan Razack, Chairman and Managing Director of Prestige Estates Projects, said.
Prestige Estates is one of the leading real estate developers in the country.