Realty shares in focus; Nifty Realty index up nearly 4%

Oberoi Realty, Prestige Estates Projects, Puravankara, Kolte Patil Developers, Marathon Nextgen Realty and Hubtown have rallied up to 19% in intra-day trade

Shares of real estate companies were in focus with the Nifty Realty index surging nearly four per cent on the National Stock Exchange (NSE), on back of strong rally in Oberoi Realty and Prestige Estates.

At 03:03 pm; Nifty Realty index, the largest gainer among sectoral indices, was up 3.6% at 334, as compared to 0.90% rise in the benchmark Nifty 50 index.

Oberoi Realty hit a new high of Rs 574, up 19% on the NSE on the back of heavy volumes. The stock hit a record high of Rs 577 on the BSE in intra-day trade. The trading volumes on the counter jumped multiple-folds with a combined 2.05 million shares representing 0.6% of total equity of the company changed hands on the NSE and BSE so far.

Prestige Estates Projects has surged 6% to Rs 334 in intra-day trade after the real estate developer said that its arm entered into a preliminary term sheet for minority investment by Reco in company’s subsidiary.

“Prestige Exora Business Parks, a wholly owned subsidiary of the company and Reco Jade Ind, a subsidiary of GIC (Realty) Pte, Singapore have entered into a preliminary term sheet in relation to a possible significant minority investment by Reco in Exora, which owns directly / indirectly multiple office properties, both operating and under construction,” Prestige Estates Projects said in a regulatory filing.

Puravankara, Kolte Patil Developers, Marathon Nextgen Realty and Hubtown were up in the range of 7% to 11% on the BSE.