ICICI Securities maintains ‘sell’ on Godrej Properties, target price Rs 1,113

ICICI Securities has maintained its ‘sell’ rating on Godrej Properties with a target price of Rs 1,113. The company has an aggressive pipeline of 7-8 launches lined up in Q4FY20 of which it has already launched projects such as RK Studios, Mumbai and many projects in NCR and Bengaluru. The company’s 9MFY20 sales bookings worth Rs 3,530 crore are up 12% YoY and we expect GPL to comfortably cross sales bookings of over Rs 2,000 crore in Q4FY20, ICICI Securities said. Shares of Godrej Properties closed at Rs 1,110, down 2%.