Broker's call: Oberoi Realty (Buy)

| Updated on October 10, 2019 Published on October 11, 2019

ICICI Securities

Oberoi Realty (Buy)

CMP: ₹494.35

Target: ₹577

After a lull in launch activity in H1FY20, Oberoi Realty has a number of launches lined up to coincide with the festive season in Q3FY20. Oberoi Realty has recently launched its Maxima tower at its JVLR, Andheri project (180 units priced between ₹3.5-4 crore) in the first week of October 2019 and is on track to launch its Goregaon Phase 3 and Thane projects in Q3FY20.

Although the overall market sentiment for residential property in Mumbai remains weak, launches by established developers with a strong execution track record continue to see buyer interest and remain the exception rather than the rule. We retain our target price of ₹577/share and upgrade our rating to BUY from ADD post 15 per cent correction in the stock price over the last three months.

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Published on October 11, 2019
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