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Nomura predicts 18% downside in Godrej Properties, sees Phoenix Mills falling 11% on lofty valuations
Nomura initiates 'reduce' ratings on Godrej Properties and Phoenix Mills. The brokerage projects an 18% downside for Godrej Properties and 11% for Phoenix Mills. Execution risks and slowing growth are concerns. Nomura cites weakening pre-sales and margin pressures. The brokerage urges valuation realism in India's real estate sector. It highlights stretched valuations relative to sector benchmarks.
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