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adProperty News

Realty stocks plunge post-interim budget
Source : The Hindu Property Plus Published On : 2009-02-21 City : Chennai

Stocks of realty firms that pared early gains and plunged as much as eight per cent on the Bombay Stock Exchange after the interim budget dashed hopes of any sops for the sector.

Market watchers said that the interim budget belied investor expectation of policy changes in the interest-rate sensitive sector and sectoral index took the worst hit on the bourses.

“We were expecting that realty, auto or textile sector to get some incentives but nothing materialised...this has triggered a major selling bout in the market. Now investors will have to wait for another 3-4 months for the real budget post the elections,” Geojit Financial Services Head of Research Alex Mathews said.

The 14-share BSE realty index, which was rallying ahead of the announcement of the budget, plunged over five per cent to a low of 1,509.02 points after the sector saw no major policy change announcements.

The country’s second largest realty player, Unitech, plunged 8.48 per cent to an intra-day low of Rs 29.15, while real estate major DLF plunged nearly six per cent to a low of Rs 151.45 on the Bombay Stock Exchange.

The interest-sensitive realty sector stocks fell the most by losing 4.85 per cent on the Bombay Stock Exchange on huge capital outflows by funds after interim Budget did not offer any new measures to revive housing demand.

The 14-share BSE realty index declined by 73.70 points, or 4.85 per cent at 1,445.67 points after realty majors DLF and Unitech led the fall on the bourses.

The index had plunged 4.58 per cent on Wednesday.

Investors were anticipating some sops in the interim Budget for the struggling realty sector but the absence of any such sops influenced the trading sentiments, Deepak Pahwa, a Delhi-based broker said.

The country’s largest realty firm, DLF Ltd, remained under pressure and lost another 5.19 per cent at Rs 147.85.

It touched an intra-session low of Rs 144.30. Nearly 39.70 lakh shares changed hands on the BSE. Unitech Ltd, country’s second largest realty developer’s, settled 6.14 per cent lower at Rs 28.30 on the BSE.

During the session, the scrip had dipped to a low of Rs 28.10. - PTI



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