Money on the markets

A maturing market amid the mayhem

Real estate companies end higher

March 24, 2011


Shares of real estate companies closed higher on Thursday as investors started accumulating some sector-specific beaten down stocks.

Property developer Unitech posted its best single-day gain in nearly 16 months, rallying 9.6 percent after JPMorgan upgraded the beaten down stock to “overweight” from “neutral”, citing cheap valuations, reasonable gearing, comfortable liquidity and high embedded land value.

The stock is still down nearly 39 percent this year.

The BSE Realty index was up 2.8 percent on Thursday, outperforming the benchmark index, which was up 0.8 percent.

Shares of Sobha Developers, Indiabulls Real Estate, Orbit Corp and Parsvnath Developers were up between 4 and 6 percent on Thursday.

Do you think it is the right time to invest in the sector which has dropped over 20 percent so far this year?

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see