PINC assigns 'buy' to Puravankara Projects, target Rs 550
PINC has recommended ‘buy’ on Puravankara Projects for a target price of Rs 550, in its F&O recommendation.
By INDIATIMES NEWS NETWORK |
MUMBAI: PINC has recommended ‘buy’ on Puravankara Projects for a target price of Rs 550, in its F&O recommendation.
Puravankara is a Bangalore based realty developer. After listing, the price activity of the stock had been pretty dull without any interest and underperformed the peers like DLF, Unitech and HDIL.
However, the stock has been witnessing a steady buildup over the last one month. The open interest has jumped from 700 contracts on Dec 11 to 1,700 contracts on Jan 3. The cost to carry has been steadily positive at around 1 per cent. Both these things indicate a steady accumulation in the stock, says PINC.
The brokerage expects buying in the underlying stock in near future.
Tuesday, January futures contract of Puravankara Projects closed at Rs 452.00 against the spot price of Rs 450.50. Open interest in the contract was down 1.22 per cent at 9,29,500.
Puravankara is a Bangalore based realty developer. After listing, the price activity of the stock had been pretty dull without any interest and underperformed the peers like DLF, Unitech and HDIL.
However, the stock has been witnessing a steady buildup over the last one month. The open interest has jumped from 700 contracts on Dec 11 to 1,700 contracts on Jan 3. The cost to carry has been steadily positive at around 1 per cent. Both these things indicate a steady accumulation in the stock, says PINC.
The brokerage expects buying in the underlying stock in near future.
Tuesday, January futures contract of Puravankara Projects closed at Rs 452.00 against the spot price of Rs 450.50. Open interest in the contract was down 1.22 per cent at 9,29,500.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
