Jefferies has reiterated its “Hold” rating on Oberoi Realty, raising the target price to Rs 1,900 from the previous Rs 1,600. The firm highlighted several positive developments, including a jump in sales at the company’s Worli and Goregaon projects, driving pre-sales and a P&L beat. Lease rentals are scaling up, especially at the Commerz offices, showing growth potential in this segment.
In addition to these positive points, the Thane-Pokhran Road project had a strong opening due to pragmatic pricing, and the company’s plans to raise equity indicate its intent to capitalize on the large opportunities present in the residential markets. This comprehensive approach makes Oberoi Realty well-positioned for continued growth, according to Jefferies.
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