Realty firms lead gainers pack in early trade ahead of Budget
Realty stocks led the gainers pack in morning trade on the Bombay Stock Exchange and jumped over 6 per cent, amid expectations that the Budget would give special attention to affordable housing.business Updated: Jul 06, 2009 11:13 IST
Realty stocks on Monday led the gainers pack in morning trade on the Bombay Stock Exchange and jumped over 6 per cent, amid expectations that the Budget would give special attention to affordable housing.
The country's largest realty developer DLF surged to Rs 357.25, up 6 per cent over its previous close and was the largest index wise gainer.
The sector enthused investors on increased anticipation that the government would provide incentives to the sector for affordable housing in the Budget and encourage buyers by doubling exemption limit on interest paid on housing loans to Rs 3 lakh.
Other major realty firms rose in the range of 2-5 per cent led by Mahindra Life Space, which gained 6.49 per cent and rose to a high of Rs 288 on the BSE.
Unitech gained 2.86 per cent at Rs 86.05 and Indiabulls Realestate was up 2.90 per cent at Rs 222.90 and Housing Development Infrastructure touched a high of Rs 245.50, up 2.33 per cent.
After opening firm, the 13-share BSE realty index witnessed a high of 3,523.16 points, up 2.56 per cent over previous close.
Other major gainers on the realty index include Omaxe 3.78 per cent, Parsvnath 3.36 per cent and Sobha Developers 1.83 per cent.