Real estate shares in focus; DLF hits 52-week high
Shares of real estate companies were trading higher by up to 10% on the Bombay Stock Exchange (BSE) in early morning trade on the back of heavy volumes.
DLF, Unitech, Housing Development & Infrastructure (HDIL), Sobha, Oberoi Realty, Indiabulls Real Estate, Godrej Properties, Parsvnath Developers, Kolte Patil Developers and DB Realty were up 2%-10% on the BSE.
At 09:51 AM, the S&P BSE Realty index was up 4% as compared to 0.52% rise in the S&P BSE Sensex. The realty index hit a 52-week high of 1,515 on the BSE in intra-day trade.
DLF, the largest gainer among real estate pack, has rallied 10% to Rs 147, also its 52-week high on the BSE in early morning trade, on reports that the promoters of real estate developer will pump Rs 10,000 crore by purchasing shares in a preferential issue.
The counter has seen huge trading volumes with a combined 14.88 million equity shares changed hands so far against an average sub 9 million shares that were traded daily in past two weeks on the BSE and NSE.
According to Economic Times report, billionaire KP Singh and his family have decided to wipe out DLF Ltd's debt in a two-step transaction. They will pump Rs 10,000 crore into India's largest real estate developer by purchasing shares in a preferential issue with funds raised from the sale of their stake in the company's rental unit.
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