5 real estate stocks to watch

S&P BSE Realty opened 3,484.89, down by 31.64 points on November 10. 

Let us see which stocks in the real estate sector investors should keep an eye on. 

The shares of Godrej Properties Ltd were trading strong on the back of strong performance during the quarter that ended September 30, 2023. The company posted a Profit after Tax (PAT) of Rs 55 crore as against a profit of Rs 36 crore with a 54% growth on a YoY basis. The company has acquired 12 acres of land in Pune and 50 acres of land in Palghar and is planning to develop residential projects on the acquired land. Shares of Godrej Properties have gained 5.92% since the results were declared on November 9. In the morning session, the shares of Godrej Properties were trading at Rs 1161.15, a decline of 0.6% over its previous close.

Phoenix Mills Ltd announced financial results for the quarter that ended September 30, 2022, on November 8. Phoenix posted net revenue at Rs 651.1 crore showing a YoY growth of 78% while PAT rose by a whopping 251.37% YoY at Rs 221.89 crore. According to the investor presentation of Q2FY23, total consumption for the quarter was 21986 million and the gross retail collection was at Rs 5196 million. In the office portfolio, Phoenix achieved gross leasing of approximately 2 lakh square feet during the year to date October 2022. Total office income gained 3% to 435 million on a YoY basis. In the morning session, the shares of Phoenix Mills were trading at Rs 1520.05, a decline of 0.7% over its previous close.

Prestige Estates Projects Ltd announced its quarterly results for Q2FY23. The company reported a net profit of Rs 140.70 crore with a YoY growth of 79.69% against the previous quarter. The company had sales booking of Rs 3511 crore rose 66% compared to the previous year's same quarter despite of rising interest rate scenario. Shares of Prestige Estates Projects opened at Rs 460.05 per share with a gain of 0.23% over its previous close.

Oberoi Realty Ltd has announced Extraordinary General Meeting to be held on December 1, 2022. The stock fell 4.25% to its previous closing day. In the morning session, the shares of Oberoi Realty Ltd opened at Rs 885.05, a loss of 2.78% over its previous close.

Macrotech Developers Ltd declines 0.72% to trade at Rs 4,386 in the morning session. Macrotech Developers which markets its properties under the Lodha brand has reported a consolidated net loss of Rs 933 crore for Q2FY23 because of provisions made for a loan given to its British arm for the development of projects. In the morning session, the shares of Macrotech Developers were trading at Rs 950, a decline of 0.5% over its previous close.