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[hfe_template id='11223'] [ad_1] Shares of Prestige Estates Projects dropped over 5% to Rs 1,618.8 in Wednesday's trade on BSE after the global brokerage firm Morgan Stanley downgraded the stock to 'Underweight'. Citing slower pre-sales growth and lower conviction, Morgan Stanley downgraded Prestige Estates to 'Underweight' from 'Overweight' and cut its target price to Rs 1,510 from Rs 1,770. The new target price reflects an 11.4% downside from the previous day's closing price of Rs 1,705.7. The brokerage reduced its FY25 pre-sales growth estimate to +9% YoY, down from the earlier forecast of +28%, as the company achieved only 29% of its FY25 target in H1FY25. The Relative Underweight rating is attributed to high capital expenditure on the company's IP business and weaker presales momentum compared to its peers. Also Read: NTPC Green shares list at 3% premium over IPO price At 10:19 am, the scrip was trading 3.5% lower at Rs 1,646 on B...

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[hfe_template id='11223'] [ad_1] Realty firm Prestige Estates Projects has reported a 13 per cent decline in its consolidated net profit to Rs 232.6 crore in the June 2024 quarter on higher expenses. Its net profit stood at Rs 266.9 crore in the year-ago period. Total income rose to Rs 2,024.5 crore in the April-June period of 2024-25 fiscal year from Rs 1,966.3 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday. Last month, Prestige Estates Projects Ltd reported a 23 per cent decline in its sale bookings to Rs 3,029.5 crore in the first quarter of this fiscal on lower volumes due to delay in launches of new projects. Its sale bookings stood at Rs 3,914.7 crore in the year-ago period. The company sold 2.86 million square feet in April-June against 3.83 million square feet in the corresponding period of the previous year. The average realisation was Rs 11,934 per sq ft for apartments, villas and commercial spaces, up b...