Prestige Estates Projects’ shares hit record high, driving Nifty Realty Index upward

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By Robert Fofana

Prestige Estates Projects’ shares hit record high, driving Nifty Realty Index upward
© Reuters.

Shares of Prestige Estates Projects reached a new peak on the National Stock Exchange (NSE) on Tuesday, pushing the Nifty Realty Index to an unprecedented level. The surge was fueled by a robust trading volume and a total traded value of INR 520.11 crore.

The company’s stellar performance is linked to record-breaking sales in H1 FY24 and Q2 FY24. The stock position is currently overbought, with the Money Flow Index (MFI) standing at 87.6 and the Relative Strength Index (RSI) nearing 70.

Further contributing to Prestige’s success, the company launched five projects covering a total of 13.10 million square feet in Bengaluru and Hyderabad. Moreover, it reported the sale of 3,659 units in Q2 FY24. These factors have led to Prestige’s impressive 65% return over the past year, significantly outpacing both the Nifty50 and the sector.

Other companies in the realty sector that demonstrated strong performance include Sobha, Godrej Properties, DLF Brigade Enterprises, The Phoenix Mills, Mahindra Lifespace, and Swan Energy.

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