Select realty, infra shares rally in weak market

Valecha Engg, PBA Infra, Ansal Buildwell, Supreme Infra, Parsvnath Dev, Sunil Hitech and B L Kashyap up 5%-20% on the BSE.

Shares of select real estate and infrastructure companies mainly mid-and-small sized  have rallied by up to 20% on the bourses in otherwise weak market.

Valecha Engineering, PBA Infrastructure, Ansal Buildwell, Supreme Infrastructure, Parsvnath Developers, Sunil Hitech Engineers, Man Infra Constructions and B L Kashyap & Sons were trading higher between 5%-20% on the BSE.

B L Kashyap & Sons has locked in upper circuit for the fifth straight trading sessions, up 5% at Rs 23.60, also its 52-week high of the BSE. The stock appreciated 137% from Rs 9.97 on November 13, after the company reported a standalone net profit at Rs 2.04 crore for the quarter ended September 30, 2015. It had a net loss of Rs 10.46 crore in the same quarter last year.

Parsvnath Developers rallied 9% to Rs 29.50, also its 52-week high on the BSE. It zoomed 80% since November 18, from Rs 18.90 after Pradeep Kumar Jain, one of the promoter’s, had purchased 90,000 equity shares of the company via market purchase.

The government last month authorised the National Highways Authority of India (NHAI) to compensate road developers for delays not attributable to them. The move is expected to help clear 34 stuck highway projects.

Valecha Engineering and PBA Infrastructure have locked in upper circuit of 20% each at Rs 56.70 and Rs 15.58 respectively. The S&P BSE Sensex was down nearly 1% at 25,644 points at 03:15 PM.