Godrej Properties, incorporated in 1985, is a large cap company (with a market cap of Rs 36285.91 crore) operating in the Real Estate sector.
For the quarter ended 30/09/2022, the company reported a consolidated total revenue of Rs 369.20 crore, down -13.41% from last quarter’s total revenue of Rs 426.40 crore and up 10.47% over the same quarter last year Total Income of Rs 334.22 Crore. The company reported a net profit after tax of Rs 109.29 crore in the last quarter.
The top management of the company includes Mr.Adi B Godrej, Mr.Pirojsha Godrej, Mr.Mohit Malhotra, Mr.Jamshyd N Godrej, Mr.Nadir B Godrej, Mr.Keki B Dadiseth, Mr.Lalita D Gupte, Mr.Amitava Mukherjee,Ms. Sutapa Banerjee. The auditor of the company is BSR & Co. LLP. As of September 30, 2022, the company has a total of 28 million shares in circulation.
Justification of the investment
Following a double bottom formation pattern near the 1135 area, the stock has gradually risen and improved the bias, and the current move just above the important 50EMA level of 1270 has reinforced the trend to expect further upside in the coming days. A decisive move above the key 200DMA level of 1380 would further trigger an extended upward move with expected higher targets. So, since the chart looks bullish and the RSI indicator is also well placed as it shows an upward move, the brokerage house has recommended buying the stock for an upside target of 1500, with a stop loss of 1230.
The promoters held 58.48 per cent stake in the company as on September 30, 2022, while FIIs held 29.94 per cent and DIIs 4.54 per cent.
(Disclaimer: The recommendations in this section or any reports attached here are authored by external parties. The views expressed are those of the respective authors/entities. They do not represent the views of the Economic Times (ET). ET does not guarantee, warrant, endorse any any of its contents and hereby disclaims all warranties, express or implied, relating thereto.Please consult your financial advisor and seek independent advice.