DLF (up 6.83%), D B Realty (up 3.4%), Sobha Developers (up 3.05%), Parsvnath Developers (up 1.14%), Unitech (up 4.45%), Godrej Properties (up 0.14%), Oberoi Realty (up 3.08%), Omaxe (up 1.83%), Indiabulls Real Estate (up 3.85%) and HDIL (up 5.23%), edged higher.
The BSE Realty index was up 4.5% at 2,241.31 and was the top gainer among the sectoral indices on BSE. It outperformed the Sensex, which was up 1.11% at 19,882.66.
The BSE Realty index outperformed the market over the past one month till 11 January 2013, rising 2.95% compared with the Sensex's 1.43% rise. The scrip also outperformed the market in past one quarter, rising 13.71% as against Sensex's 4.57% surge.
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Interest rate sensitive realty stocks rose after the latest data showed that inflation based on wholesale price index (WPI) eased in December 2012. The annual rate of inflation based on the monthly wholesale price index (WPI) declined to 7.18% in December 2012 from 7.24% in November 2012. Build up inflation in the financial year so far was 4.72% compared to a build up of 5.22% in the corresponding period of the previous year, the Ministry of Commerce & Industry said in a statement today, 14 January 2013. Meanwhile, the government revised downward WPI inflation for October 2012 to 7.32% from 7.45% reported on 14 November 2012.
Inflation based on the combined consumer price index for urban and rural India edged up to 10.56% in December 2012 from 9.9% in November 2012, data released by the Central Statistics Office (CSO) today, 14 January 2013, showed. Within the consumer price index, inflation with respect to food and beverages stood at 13.04% in December 2012.
The Reserve Bank of India said on 17 December 2012 that upon a review of the policy related to External Commercial Borrowings (ECB) and keeping in view the announcement made in the Union Budget for the Year 2012-13, it has decided to allow External Commercial Borrowings (ECB) for low cost affordable housing projects as a permissible end-use, under the approval route. For the financial year 2012-13, an aggregate limit of $1 billion is fixed for ECB under the low cost affordable housing scheme which includes ECBs to be raised by developers/builders and NHB/specified Housing Finance Companies (HFCs), RBI said. This limit will be reviewed annually, RBI said. A low cost affordable housing project for the purpose of ECB would be a project in which at least 60% of the permissible FSI would be for units having maximum carpet area up to 60 square meters.
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