Indian real estate cos’ shares rally

MUMBAI, Apr 5 (Business Standard): Shares of real estate companies are in demand and rallied up to 16 per cent on back of heavy volumes in otherwise weak market on the Bombay Stock Exchange (BSE).
Housing Development and Infrastructure, Ajmera Realty, Kolte Patil Developers, Unitech, Indiabulls Real Estate, DB Realty, Prestige Estates, Anant Raj, DLF, Oberoi Realty and Sobha Developers are up 1-16 per cent on the BSE.
The BSE real estate share index S&P BSE Realty, the largest gainer among sectoral indices, up 3.4 per cent at 1,527 compared to 0.61 per cent fall in S&P BSE Sensex at 1245 hours. In past one week, the realty index has gained 7 per cent as against 0.22 per cent rise in the benchmark index.
HDIL is the largest gainer among realty pack, surged 16 per cent to Rs 69.40, its highest level since March 2013 on the NSE. A combined 51.12 million shares changed hands on the counter on the NSE and BSE till 1450 hours.
The stock of the Mumbai-based real estate developer has rallied nearly 40 per cent from Rs 49.80 since March 26, after the Kotak Securities bought an equity shares worth of Rs 110 million through open market purchase.
On March 27, 2014 Kotak Securities Limited bought 2.13 million shares representing 0.50 per cent stake in HDIL at Rs 51.56 on the NSE.
Kolte Patil Developers has rallied 9 per cent to Rs 110. The stock has gained 12 per cent in past three trading sessions after the company said it has acquired a 30-acre land parcel at Kondhwa in Pune along with ASK Real Estate Special Opportunities Fund for Rs 1.60 billion.