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Corporation
FINANCIAL | Real Estate / Residential Real Estate Development

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Stage

Acquired | Acquired

Total Raised

$36M

Valuation

$0000 

About Prestige Estates Projects

Prestige Estates Projects owns an 180-acre land parcel near Sarjapur Road in Bengaluru.

Prestige Estates Projects Headquarter Location

No. 1, Main Guard Cross Road

Bengaluru, 560001,

India

+91-80-2559-1080

Latest Prestige Estates Projects News

Sensex, Nifty gain up 3.5% during the week; 56 smallcaps gain 10-53%

Sep 4, 2021

The rise was witnessed across market caps and sectors. The BSE 500 index added 4 percent led by the Sobha, Indian Energy Exchange, Brigade Enterprises, Adani Transmission, Vodafone Idea, Prestige Estates Projects and Exide Industries September 04, 2021 / 12:55 PM IST The Sensex and the Nifty touched their fresh record highs of 58,194.79 and 17,340.10, respectively, on September 3. For the week, the Sensex added 2,005.23 points (3.57 percent) to close at 58,129.95, while the Nifty50 rose 618.4 points (3.7 percent) to end at 17,323.60. "Despite mixed global cues, domestic equities continued to raise their bar, recording fresh highs as India continued reporting strong economic numbers," said Vinod Nair, Head of Research at Geojit Financial Services. The broader indices performed in line with main indices as the BSE midcap index added 4.8 percent and the smallcap index 3.9 percent. The largecap index jumped 3.8 percent. Among smallcaps, 56 stocks gained between 10-53 percent. These included Zen Technologies, Tinplate Company of India, Sobha, NELCO, Indian Energy Exchange, Brigade Enterprises, RPG Life Sciences, Thangamayil Jewellery and Prestige Estates Projects. However, Burger King India, GE T&D India, Arvind Fashions, Sudarshan Chemical Industries, Swan Energy and Cera Sanitaryware lost more than 5 percent each. "The Indian Service PMI data rose to 56.7 in August from 45.4 in July on account of reopening of several establishments and improving demand that boosted sales," Nair said. The BSE 500 index added 4 percent led by Sobha, Indian Energy Exchange, Brigade Enterprises, Adani Transmission, Vodafone Idea, Prestige Estates Projects and Exide Industries. "The Sensex has gone past 58,000 to close the day at 58,128 and the Nifty too comfortably rose to 17,323. The rise was witnessed across market caps and sectors, though the uptick in midcaps and small caps was a bit muted,” said Joseph Thomas, Head of Research, Emkay Wealth Management. The improving coronavirus situation, the GDP number indicating a continuing revival in economic activity, the increased confidence in facing a possible third wave, the stress on universal vaccination, and indications from Jackson Hole address by the Fed chief that tapering off may start as early as later this year but rate hikes may happen much later next year are the factors supporting the rally, he said. "The developments around the US economy, the revival of activity in Europe—both in the face of rising numbers of fresh infections—would also be factors that would matter in the coming week," he added. Where is Nifty50 headed? Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities While the short-term trend remains positive, some profit-booking could be in the offing as traders may prefer to book some profits near the 17,500 resistance level. For the trend-following traders, 17,150 and 17,000 could be the important support level. On the flip side, 17,500 and 17,700 could act as an important resistance level. On weekly charts, the Bank Nifty has formed a range breakout formation, suggesting further upside if the index succeeds to trade above 36,000. Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services The market is likely to continue with the positive momentum as economic recovery and vaccination continue their northward journey. We expect the Nifty to extend its move towards 17,500 – 17,700. On the downside, support is seen at 17,200 -17,050. Strong liquidity and positive global cues are likely to support domestic markets to continue their movements to record levels. However, valuations are also moving beyond comfort zones and hence could lead to bouts of profit-booking and an increase in volatility. Large caps offer a better margin of safety in the current environment and could continue to remain in focus in the near term as well. Samco Securities Research Domestically, economic data such as manufacturing output and industrial production could drive investor sentiment next week. In absence of any other major event, Indian indices are expected to mirror global cues and move in tandem with foreign bourses. With a largely positive outlook, profit-booking may be seen in stocks running ahead of their fundamentals. Investors are advised to ride this bull rally with fundamentally resilient stocks. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Rakesh Patil

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