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Shares of real estate and infrastructure companies continue their upward movement after the government relaxed foreign direct investment (FDI) rules in the construction sector by reducing minimum built up area as well as capital requirement and easing exit norms.
Unitech, IVRCL Infrastructure, Punj Lloyd, Lanco Infratech, Hindustan Construction Company (HCC), Indiabulls Real Estate, Housing Development and Infrastructure (HDIL), D B Realty, GVK Power and Infrastructure, National Building Construction Company (NBCC) and Gammon Infrastructure Projects gained 5-20% on the Bombay Stock Exchange (BSE).
At 1333 hours, S&P BSE Realty index, the largest gainer among sectoral indices, was up 3.5% at 1,608 compared to 0.12% decline in the S&P BSE Sensex.
In past one week, the realty index surged 12% from 1,432 on October 27 as against 4% rise in the benchmark index.
Analysts say this move will be a positive for developers with existing joint development/investment arrangements with foreign investors - they will gain as their addressable market will expand. Also, developers with large land banks will benefit with potential increase in demand for land.
Among the individual stocks, Gammon Infrastructure was locked in upper circuit of 20% at Rs 17.52, also its 52-week high on back of huge volumes on BSE. A combined 9.8 million shares changed hands and there are pending buy orders for 209,693 shares on BSE and NSE.
Unitech soared 13% to Rs 23.10, extending its 20% rally in past four trading sessions on BSE. HCC and HDIL are up 5% each at Rs 35.35 and Rs 88.85 respectively.
Unitech, IVRCL Infrastructure, Punj Lloyd, Lanco Infratech, Hindustan Construction Company (HCC), Indiabulls Real Estate, Housing Development and Infrastructure (HDIL), D B Realty, GVK Power and Infrastructure, National Building Construction Company (NBCC) and Gammon Infrastructure Projects gained 5-20% on the Bombay Stock Exchange (BSE).
At 1333 hours, S&P BSE Realty index, the largest gainer among sectoral indices, was up 3.5% at 1,608 compared to 0.12% decline in the S&P BSE Sensex.
In past one week, the realty index surged 12% from 1,432 on October 27 as against 4% rise in the benchmark index.
Analysts say this move will be a positive for developers with existing joint development/investment arrangements with foreign investors - they will gain as their addressable market will expand. Also, developers with large land banks will benefit with potential increase in demand for land.
Among the individual stocks, Gammon Infrastructure was locked in upper circuit of 20% at Rs 17.52, also its 52-week high on back of huge volumes on BSE. A combined 9.8 million shares changed hands and there are pending buy orders for 209,693 shares on BSE and NSE.
Unitech soared 13% to Rs 23.10, extending its 20% rally in past four trading sessions on BSE. HCC and HDIL are up 5% each at Rs 35.35 and Rs 88.85 respectively.
