How massive Rs 25k real estate booster dose gave big wings to realty stocks - These shares jumped high!
Realty majors like Indiabulls Real Estate, Ajmera Realty, Sobha stocks led the bull run in real estate shares on Rs 25,000 crore special package announced by Modi cabinet yesterday.
On account of special Rs 25,000 crore package announced by the Modi Cabinet on yesterday evening, the real estate stocks witnessed fresh buying throughout the intraday trading session. The BSE Realty index rose 0.78 per cent in the intraday trade. Realty majors like Indiabulls Real Estate, Ajmera Realty, Sobha stocks led the bull run in real estate shares. According to the stock market experts, this rise in the real estate index is mainly caused by those real estate share buying that have exposure in the affordable and mid-segment sector.
Realty major Indiabulls Real Estate share price skyrocketed 4.94 per cent, Phoenix Mills shares soared 3.11 per cent, Sobha stocks went up 2.34 per cent, Housing Development & Infrastructure Ltd or HDIL share price shot up 4.6 per cent, Puravankara counter rose 2.25 per cent while Ajmera Realty & Infra India Ltd or Ajmera Realty share price skyrocketed 5.15 per cent.
See Zee Business Live TV streaming below:
Speaking on the reason for the rise in real estate stocks Prakash Pandey, MD & CEO at Plutus Advisors said, "This rise in real estate is mainly caused by the Rs 25,000 crore special package for affordable and mid-segment stalled real estate projects announced by the Modi cabinet yesterday. However, if you notice, only those realty stocks have shot up that have strong fundamentals and positive networth. These stocks have good exposure in the affordable and mid-segment realty projects as well. For example, Purvankara is a well-known developer in south India and it has the majority of the projects in the affordable housing segment. Similarly, with Ajmera Realty, HDIL and Indiabulls Real Estate."