Small-cap real estate stock hits 52-week high. Do you own?

Small-cap real estate stock hits 52-week high. Do you own?

Market


Stock market today: Small-cap realty stock Emami Realty today hit its 52-week high of 70.20 apiece levels. Emami Realty share price today opened at par with its Friday close on NSE and soon attracted bulls’ attraction and hit intraday high of 70.20 per share levels and created a new 52-week high. Buoyed by the response given by the markets on first session of the week, company management said that market is recognizing its efforts that aims to reduce its debt in coming times. They have recently announced to increase their sales in FY23 by near 50 per cent as demand in the sector post-Covid is gaining momentum and new projects worth around 1,000 crore is ready for launch in FY2022-23.

Speaking on the rise in Emami Realty shares to a new 52-week high, Nitesh Kumar, MD & CEO at Emami Realty said, “Compared to near 500 crore sales achieved in the financial year ended this March, we expect a top line of 750 crore from standalone operations in the current fiscal. During the fiscal year, projects, including joint ventures, generated 1,180 crore in revenue. A combined revenue of 950 crore was generated in FY22, an increase of 85 per cent compared to FY21. In addition, the company plans to launch new projects worth 1,000 crore in the current financial year. Our plan is to monetize its old land banks by launching new projects and delivering existing ones has also been taken warmly by our investors.” he said that most of these moves and targets primarily  to reduce company’s debt.

As of March 2022, Emami Realty’s debt level had been reduced to 118 crore from 264 crore. “We aim to come out of all long-term loans by 2023-24 and expect a top line of approximately 6000 crore including JV’s in next 5 years,” Nitesh Kumar claimed.

Speaking on the outlook of Emami Realty shares, Sumeet Bagadia, Executive Director at Choice Broking said, “The stock is looking good on chart pattern and realty stocks are already in momentum. My suggestion to shareholders of the stock is to hold the stock further with strop loss at 62. After giving breakout above 70 apiece levels on closing basis, the stock may go up to 80 to 90 in next one to two months.”

“Those who want to take fresh position in the counter are advised to wait for the breakout above 71 on a closing basis and buy for the target of 90 to 100 in short term,” said Anuj Gupta, Vice President — Research at IIFL Securities.

Emami Realty is a small-cap stock with a market cap of 259 crore. Its current trade volume is 43,238 that is much higher than its last 20 days average trade volume of 29,917. Emami Realty’s 52-week high is now 70.20 per share whereas and book value per share is 33.68.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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