Money on the markets
A maturing market amid the mayhem
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.
The Realty Index has dropped over 12 percent so far this year. Do you see a further decline in realty stocks?
Shares of ABG Shipyard and Bharti Shipyard gained on Tuesday after a news channel reported yesterday that ABG would sell its 3 percent stake in Great Offshore.
The report said ABG was close to selling a 3 per cent stake in Great Offshore to Bharati in a price range of Rs 440-450 per share, which would fetch ABG Rs 45-50 crore.
HDFC Bank, India’s No 2 private sector lender surged on Monday after it
reported on Saturday that quarterly profit had risen by a third.
HDFC Bank rose as much as 2.8 percent, racing to an all-time high of
1,997.85 rupees, before closing 2.3 percent higher at 1990 rupees.
Shares in Reliance Industries ended 2 percent higher on Thursday at 1075 rupees on reports that it would buy along with Atlas more Marcellus acreage.
Independent oil and gas company Atlas Energy Inc said it would buy 42,344 acres in the gas-rich Marcellus shale along with Reliance, weeks after the two announced a joint venture.
Shares in Unitech, India’s second-largest listed real estate firm rose on Wednesday after it announced the demerger of its infrastructure operations, including the telecom business, into a new entity to unlock the value of none-core businesses.
The stock ended 2.4 percent higher at 85.55 rupees and was among the top traded stocks of the day with volumes of over 15 million shares.
The BSE Banking Index closed 0.34 percent lower on Monday in a broader market that closed 1.08 percent down at 17,400 points.
Top lenders State Bank of India and ICICI Bank fell 0.7 percent and 0.2 percent respectively, a day ahead of the Reserve Bank of India (RBI) policy review.
Shares in Goenka Diamond listed on Friday at a discount of nearly four percent on the BSE and over 8 percent on the NSE from its issue price of 130 rupees.
The stock ended 5.3 percent lower after plunging nearly 32 percent from its issue price to 92.35 rupees in intra-day trade, with volumes of over 30 million shares.
Shares in Zee News rose over 30 percent in intra-day trade before closing 27 percent higher at 18.25 rupees after it demerged its General Entertainment Channel business.
Zee News has approved the scheme of arrangement between the company, Zee Entertainment Enterprises and their respective shareholders and creditors, for demerger of the Regional General Entertainment Channel Business undertaking of the company.