Buy Godrej Properties, target price Rs 1760: ICICI Securities

ICICI Securities has buy call on Godrej Properties with a target price of Rs 1760. The current market price of Godrej Properties Ltd. is Rs 1605.25.

Time period given by analyst is Intra Day when Godrej Properties price can reach defined target.

Godrej Properties Ltd., incorporated in the year 1985, is a Large Cap company (having a market cap of Rs 44621.69 Crore) operating in Real Estate sector.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 261.99 Crore, down -54.52 % from last quarter Total Income of Rs 576.08 Crore and up 33.90 % from last year same quarter Total Income of Rs 195.66 Crore. Company reported net profit after tax of Rs 46.68 Crore in latest quarter.

Investment Rationale
Strong buying demand from the rising support line joining lows since October 2020 and 20-week EMA.


Promoter/FII Holdings
Promoters held 64.4 per cent stake in the company as of Sept 30, 2020, while FIIs held 20.3 per cent, DIIs 4.8 per cent and public and others 10.5 per cent.