Property stocks gain on festival booking hopes
Reuters Market Eye - Property firms such as HDIL gain on hopes for a pickup in demand tied to the Diwali festival season in mid-November, a time considered auspicious in the country.
"Real estate stock valuations are cheap, huge difference between stock valuations and project valuations, festive demand is tepid but prices are not falling," said Hiten Gala, a senior manager advisory at Brokerage Sharekhan, listing reasons for the rally.
HDIL surges 6 percent, DLF (DLF.NS) gains 1.9 percent while Indiabulls Real Estate is up 3.6 percent.
(Reporting by Rafael Nam)
- Tweet this
- Share this
- Digg this
- Exclusive: Radar data suggests Malaysia jet flown deliberately toward Andamans: sources
- Investigators focus on foul play behind missing plane - sources
- Missing plane may cool Malaysia tourism, airline bookings
- Malaysia jet sent "pings" after going missing, sources say
- Wholesale inflation eases to 9-month low, rates seen on hold for now
India's wholesale prices-based inflation eased to a nine-month low of 4.68 percent in February, helped mainly by moderating food prices, government data showed on Friday. Full Article
Facebook rolls out video ads, aims to capture part of TV-marketing budgets Full Article