Shares of Prestige Estates Projects Ltd traded marginally higher at ₹1,232.00 (+0.74%) on Wednesday, but the stock gave up most of its early gains after a cautious note from Morgan Stanley.
According to the brokerage, Prestige Estates is expected to miss its FY25 presales target of ₹24,000 crore by nearly 38%. The miss, if it materializes, could signal slower-than-anticipated momentum in the real estate developer’s sales performance for the current financial year.
The stock had touched an intraday high of ₹1,257.50, before cooling off on profit booking following the news. It opened at ₹1,230.00 and had a low of ₹1,212.15 during the session. The previous close was ₹1,222.90.
Morgan Stanley’s cautious outlook appears to have triggered a sentiment shift, prompting traders to reassess near-term upside potential.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making any investment decisions.