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D-Street Buzz: Realty stocks rise; Mahindra Lifespace, Sobha, Indiabulls Real Estate hit 52-week high

Shares of Sunteck Realty jumped almost 9 percent and traded as the top gainer in the index, followed by Mahindra Lifespace Developers, Oberoi Realty and DLF.

July 13, 2021 / 12:25 PM IST
 
 
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Shares of most realty stocks traded in the green in morning trade on July 13, with stocks such as Mahindra Lifespace Developers, Sobha and Indiabulls Real Estate hitting their fresh 52-week highs.

The BSE Realty index was up about half a percent around 1115 hours with seven stocks in the green and three in the red. The BSE Realty index also hit a 52-week high of 3,080.57.

Shares of Sunteck Realty jumped almost 9 percent and traded as the top gainer in the index, followed by Mahindra Lifespace Developers, Oberoi Realty and DLF.

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Shares of Sunteck Realty jumped after the company reported a 74 percent year-on-year (YoY) increase in bookings at Rs 176 crore for the quarter ended June.

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Collections for the quarter were up 165 percent from the year-ago quarter to Rs 172 crore, the company said in its regulatory filing. Its collection efficiency improved to 98 percent of pre-sales during the quarter as against 64 percent a year ago.

On the flip side, shares of Indiabulls Real Estate and Sobha erased their gains and traded in the red.

Realty stocks have been outperforming this year with the BSE Realty index up 22 percent in the calendar year so far against a 10 percent gain in the benchmark Sensex.

Market experts find rate-sensitive realty stocks well-poised for gains as the key lending rates are expected to remain low in FY22 while economic growth in the wake of coronavirus pandemic will boost the realty sectors.
Moneycontrol News
first published: Jul 13, 2021 11:42 am

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