Dear Forum members,
I have taken 3000 shares of DB realty in my portfolio, which is Mumbai based Real estate company. This stock has 2.1 % invest from Rakesh Jhunjhunwala as per Moneycontrol.com website.
This company has one of the largest land-bank in Mumbai and it has partnered with Prestige group (Bengaluru based) to develop commercial and residential real estate. It has issued DB realty shares to Prestige group at 70 rs per share in the last 3 months. Promoter group have increased their holding in this company by buying shares at 45 rs. This gives confidence on long term turnaround of the business. However, its share price has come down to 64 Rs now from 133 it’s 52-week high. On May-2 there was CBI raid on the promoter’s office regarding promoter group company and DHFL company.
What are your views on this company based on the turn-around story of the company and how is the corporate governance of this company?
Is the recent correction in price is an opportunity to average at lower price or book the losses?
I will wait for your reply.
Thank you,
Shailendra