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Nifty Realty index hit 52-week high; DLF, Indiabulls, HDIL up over 5%

SI Reporter / Mumbai 08 May 17 | 02:18 PM

Shares of real estate companies were back in to focus with the Nifty Realty index hitting fresh 52-week high on the National Stock Exchange (NSE).

Indiabulls Real Estate, Housing Development & Infrastructure (HDIL) and DLF have rallied more than 5% each, while Prestige Estates, Delta Corp, Unitech and Sobha from the index up between 1% and 3%.

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At 2:15 pm; Nifty Realty index was up 3.8% at 264.50, as compared to 0.40% rise in the benchmark Nifty 50 index. The realty index hit a 52-week high of 264.90, surpasses its previous high of 264.05 touched April 26, 2017 in intra-day trade.

Ansal Housing, Ansal Buildwell, Ansal Properties, Arvind SmartSpaces, DB Realty, Anant Raj Industries, Ajmera Realty and Kolte-Patil Developers from non-index were stocks up 4% to 12% on BSE.

Thus far in the current month, Nifty Realty index has outperformed the market by gaining 5.2% after Real Estate Regulation Act (RERA) came into force on May 1, 2017. On comparison, the Nifty 50 index was up 0.2% during the period.

"RERA aims to protect the rights of consumers and usher in transparency and accountability. The sector which had immense potential to generate employment and scope for investment had remained largely unregulated over the years and with RERA in place, the sector is expected to receive the required fillip contributing to the overall growth of the economy," said Rajiv Ranjan Mishra, Joint Secretary, Ministry of Housing and Urban Poverty Alleviation.

Meanwhile, the initial offering of IRB infrastructure investment trust (Invit), India's first such offering, has garnered positive response from the investors. The issue was oversubscribed 8.5 times with strong demand coming from all categories of investors. Market participants said the success of IRB's Invit would encourage more infrastructure players to come up with their offerings in the next few months, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.

COMPANY LATEST PREV CLOSE GAIN(%) ANSAL PROP 28.90 26.30 9.89 INDBULL.REALEST. 165.75 151.80 9.19 ANSAL HOUSING 33.40 30.70 8.79 ARVIND SMARTSP. 120.20 110.50 8.78 PENINSULA LAND 24.40 22.65 7.73 ANSAL BUILDWELL 76.70 71.75 6.90 H D I L 92.15 86.35 6.72 ANANT RAJ 64.70 60.75 6.50 DLF 196.50 185.70 5.82 D B REALTY 49.15 46.50 5.70

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