Thursday, September 24
Nomura has initiated coverage on real estate majors Godrej Properties and Phoenix Mills with 'reduce' ratings, projecting a downside of 18% and 11% respectively. The brokerage flagged execution risks, weakening growth momentum, and valuation multiples that it believes are no longer justified by underlying fundamentals.The brokerage sees a “moderating growth outlook” for Godrej Properties and “weaker-than-expected growth” at Phoenix Mills, while highlighting that both companies are trading at stretched valuations relative to sector benchmarks.Godrej Properties: Pre-sales cooling, volume strategy under strainNomura’s initiation on Godrej Properties (GPL) comes with a target price of Rs 1,900, implying a 17.7% downside from its July 8 close of Rs 2,310. “Initiate at Reduce on mode
Shares of Elgi Equipments rose nearly 5% on Wednesday, trading around Rs 560. The stock’s upward movement followed a significant bulk deal and a routine regulatory disclosure by the company.On July 8, 2025, SBI Mutual Fund acquired 1,812,760 shares of Elgi Equipments through a bulk deal at a price of Rs 532 per share, indicating strong institutional interest in the stock.In addition to the bulk transaction, the company submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This regulation mandates confirmation of securities dematerialised during the quarter.According to the filing, Elgi Equipments confirmed that all securities received for dematerialisation for the quarter ended June 30, 2025, were processed by
