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Real estate companies end higher

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INDIA

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.

BSE Realty Index slips 3 pct; Unitech down 7 pct

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Concrete slabs are lifted at the construction site of Bandra-Worli sea link in Mumbai, April 28, 2009. REUTERS/Arko Datta/Files

The BSE Realty index ended lower on Tuesday on concerns of increasing interest rates and as rising input costs weighed on investors.

Analysts said with foreign funds pulling out more than $1 billion from Indian equities since the start of January, the outlook for the near term remained subdued.
The BSE Realty index was down 3 percent, underperforming the benchmark index, which was down 1.5 percent. Shares of DLF, Unitech, Indiabulls Real Estate and Sobha Developers were down between 1 and 7 percent.
The Realty index has slipped over 20 percent in 2011. Do you see a further downside in real estate shares?

BSE realty index rises

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The BSE Realty Index pared early losses and closed 5.6 percent higher in a volatile Tuesday session.

Government data showed infrastructure sector output grew 7.0 percent in October from a year earlier, faster than an upwardly revised annual growth of 2.7 percent in September.

Shares in real estate firms drop

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A labourer works at a construction site in the northern Indian city Lucknow February 7, 2006. REUTERS/Pawan Kumar/Files

Shares of real estate developers came under pressure on Thursday following the arrest of top public sector bankers the previous evening on corruption charges.

The CBI on Wednesday arrested five officials from state-run listed companies, including the chief executive of LIC Housing Finance, for taking bribes to facilitate large corporate loans.

BSE Realty Index gains

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INDIA

The BSE Realty Index closed 1.2 percent higher on Thursday while the broader market remained volatile and closed 0.4 percent lower at 19417.

Shares that boosted the sectoral index were DLF (up 2.6 percent), Unitech (up 1.5 percent) and Ansal Properties (up 2.1 percent). However, Omaxe dropped over 2 percent.

BSE Realty Index gains

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INDIA

The BSE Realty Index ended 2.9 percent higher on Wednesday in a broader market that gained over 200 points on positive economic data.

Shares in top realty firms Unitech and DLF ended 3.2 and 2.5 percent higher respectively.

Realty Index gains

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INDIAThe BSE Realty Index ended higher in a lackluster market as weak global cues continued to dampen sentiments at higher levels.

Some buying was seen in realty stocks and the sector remained the top performer among BSE sectoral indices.

Realty stocks tumble as markets slide

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The BSE Realty Index ended down nearly 4 percent on Wednesday, with all index components closing in the red.

Realty stocks tumble as markets slideUnitech, one of India’s leading realty firms, dropped 6 percent and ended as the top loser in the index. Rival DLF fell 3.6 pct.

Realty Index slips, Unitech down 4.9 pct

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The BSE Realty Index ended 4.3 percent lower while the broader Index ended 1.2 percent down on Friday leading to the worst weekly fall in six months.

Stocks which declined include Sobha Developers which ended 6.2 percent down, DLF 4.4 percent, HDIL 5.1 percent and Unitech which slipped 4.9 percent.

Bad day for realty stocks

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INDIA
The BSE realty index ended 3.5 percent lower while the broader index dropped 1.7 percent to 17,380 points.

Some of the other losers were Indiabulls Real Estate, which dropped 6.3 percent, Unitech which ended 3.9 percent lower, and HDIL which slipped 3.7 percent.

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