Macrotech, Godrej Properties Stocks Help Nifty Realty Snap Three-Day Losing Streak
The shares of real estate companies recorded gains on Tuesday pushing the Nifty Realty Index to end its three-day losing streak. The index rose over 3%, the highest percentage change for Nifty Realty in over 12 sessions.
Push from companies like Phoenix Mill Ltd., Macrotech Developers Ltd. and DLF Ltd. made Nifty Realty the best preforming sectoral gauge for the day.
Macrotech Developers, which does business under the brand name Lodha, rose over 6% to Rs 1,143.55 and was the biggest gainer in the sector. The company's shares posted gains after it signed a deal to acquire a land parcel in Mumbai from Unichem Laboratories Ltd. for Rs 279 crore. Meanwhile, Phoenix Mills rose over 6.30% to Rs 1,649.80 apiece.
Heavyweights Godrej Properties Ltd. and DLF also posted gains in today's session, rising nearly 5% so far. While Godrej Properties was trading at Rs 2,053.55, DLF was at Rs 673.75 per share as of 2:20 p.m.
Oberoi Realty Ltd. was trading nearly 4% higher and Sobha Realty Ltd. was up nearly 2% at Rs 1,228 per share.
Brigade Enterprises Ltd. and Prestige Estate Projects Ltd. which were in the red earlier in the day offset their losses to gain over 0.76% higher and 0.93%, respectively.
However, the shares of Mahindra Lifespace Developers Ltd. was in red after it fell nearly 4% to trade at Rs 309.10. Raymond Ltd. shares also declined over 4% to trade at Rs 1,226.
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