Oberoi Realty, DLF, Godrej Prop off Day’s Highs after Budget Announcement
Sunteck gained 1.2 per cent, Lodha (Macrotech Developer) was up 0.8 per cent, while Indiabulls Real Estatestock was trading flat with some positive bias. This announcement is positive for the real-estate sector and companies like Sobha, said Yash Gupta- Equity Research Analyst, Angel One Ltd. Housing Finance companies were also trading with gains, where Sahara Housingfina Corporation stock rallied 12 per cent, and Aavas Financiers soared 7 per cent. Stocks of GIC Housing Finance also added over 2.5 per cent. LIC Housing Finance, Star Housing Finance, Housing Development Finance Corporation (HDFC), Can Fin Homes, Aptus Value Housing Finance India gained up to 1.6 per cent. The real estate sector accounts for 6-7% of the GDP and is tied to over 250 other industries. By 2025, the real estate business in India is predicted to contribute 13% of the country’s GDP, and by 2030, it is expected to be worth $1 trillion, said analysts. “In the medium and long term, the sector is also likely to attract greater non-resident Indian (NRI) investment. Efforts will be made to increase private capital in the infrastructure sector. DLF and Godrej Properties can be used as smart investment instruments for long-term analysts at CapitalVia Global Research.Oberoi Realty, DLF, Godrej Properties, and other realty stocks came off day’s high after Union Finance Minister Sitharaman announced an allocation of Rs 48,000 crore under PM Housing Scheme.
The allocation has been made for completion of 80 lakh homes under the Pradhan Mantri Awas Yojana (PMAY). Nifty Realty index was up nearly 1 per cent at 484.90 levels, as against the day’s high of 491.15. Barring Phoenix Mills, all the stocks on Nifty Realty pack including Oberoi Realty, Brigade Enterprises, Sobha, among others were trading in the green. Oberoi Realty stock was up 2.74 per cent, Brigade gained 2.4 per cent, Sobha was up 2.02 per cent, DLF added 1.4 per cent.
Tags : Oberoi Realty DLF Godrej Union Budget