Prestige Estates Projects rose 3.57% to Rs 306.05 on reports that the real estate developer inked pact with Marriott International to develop six hotels across South India.
Prestige Group's chairman and managing director, Irfan Razack, told the media that the company will add 650 rooms to its inventory across six new properties. Currently, it is operating 850 rooms in partnership with Marriott International. Prestige Group will invest an incremental Rs 350 crore for setting up of new properties. Reduction of GST from 28% to 18% for premium and luxury hotels, reduction of corporate tax and regional airport development under UDAN are paving the way for robust market demand, he reportedly added.On a consolidated basis, the company reported 53.8% jump in net profit to Rs 157.20 crore on a 48.1% increase in net sales to Rs 1922.90 crore in Q2 September 2019 over Q2 September 2018.
The Prestige Group is one of the leading and most successful developers of real estate in the country by imprinting its indelible mark across all asset classes. The company is the only developer in South India to boast of such a widely diverse portfolio covering the residential, commercial, retail, leisure and hospitality segments.
On the technical front, the stock's RSI (relative strength index) stood 54.90. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day placed at Rs 294.77 and 200-day moving average (DMA) placed at Rs 266.53.
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