Money on the markets
A maturing market amid the mayhem
Realty counters posted decent gains in Friday trade, pushing the realty index up 1.8 percent in a weak Mumbai market that closed 53 points lower.
Sobha Developers topped the index with gains of 4 percent, followed by DLF, India’s top listed realty firm, which closed 3.55 percent up. Unitech shares ended 1.5 percent higher.
DLF recently reported quarterly net profit rose 3.8 percent helped by a revival in demand, while Unitech said consolidated Apr-June net was up 14 percent.
The realty index has gained 15.6 percent since July, with stocks like Unitech and DLF rising 14.1 percent and 15.4 percent respectively.
Thursday proved to be a good day for realty counters with many, including Unitech, posting decent gains.
The star performer in the index was Phoenix Mills, which gained 6.4 percent.
Unitech, one of India’s top listed real estate firms, rose 2.8 percent while rival DLF ended marginally in the green.
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.
Realty stocks fared poorly on Tuesday with the sectoral index slipping nearly 2.5 percent in an overall market that dropped nearly 200 points.
Anant Raj Industries ended as the top sectoral loser with losses of over 5 percent. Unitech followed closely with a drop of 4.3 percent. Shares in DLF, India’s top listed realty firm shed 2 percent.
Weakness in realty stocks on Tuesday sent the BSE Realty Index down 1.75 percent and to the top of the list of sectoral losers.
Top listed realty firms Unitech and DLF posted losses of 2.9 percent and 1.8 percent respectively. Sobha Developers, which dropped 3.8 percent, was the top loser in the index.
Realty stocks closed the week on a positive note even as the market ended in the red. The BSE Realty Index gained over 3 percent in trade and was the top sectoral performer.
All shares in the index, except Phoenix Mills, ended positive with Peninsula Land gaining nearly 10 percent.