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07 September 2009

Realty stocks continue to shine

Real estate stocks on Friday continued their upward march with few showing signs of weakness in what is seen as a range-bound market for now.

The Realty Index too saw a minor upside at 4297.49 up 2.09 per cent over Thursday’s close.

However, the country’s largest realty company, DLF, was up only 0.36 per cent at Rs 414.35 while many moved up substantially. Leading the pack was Peninsular Land, which was up 12 per cent at Rs 94.30 from Rs 84. 10. Ansal Infrastructure followed at Rs 77.70, up 5.28 per cent over the previous close of Rs 73.80. Indiabulls Realty was up 3.75 per cent at Rs 255. 85 from the earlier day close of Rs 246.60, while Unitech closed at Rs 106.85, which was 3.49 per cent higher than the Thursday’s close. Mahindra Lifespaces (Rs 357.95), Orbit Corporation (Rs 179.05,) Omaxe (Rs 116.30) and Phoenix Mills (Rs 158.40) just about ended fractionally positive, while Sobha Developers at Rs 236.40, Akruti Nirman at Rs 580.10 and Anant Raj Industries at Rs 141. 35 were down marginally.

Analysts said the residential segment was seeing improved sale and the stock prices were a reflection of positive sentiment.

Source: Realty Plus

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