HDFC, Can Fin Homes, DHFL hits new high
Total 24 stocks from the S&P BSE 500 and S&P BSE Smallcap index hit their respective all-time highs.
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A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai
Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank, Godrej Properties, Supreme Industries, Blue Star and Dilip Buildcon are among 24 stocks from the S&P BSE 500 and S&P BSE Smallcap index hitting their respective all-time highs in otherwise weak market. At 02:06 pm; the S&P BSE Sensex was down 0.47% at 29,510.
Besides, HDFC, Dewan Housing Finance Corporation (DHFL), Can Fin Homes, Indiabulls Housing Finance from housing finance companies and Kotak Mahindra Bank and RBL Bank from private banks hit record highs.
Since February 1, post Budget, HFCs has outperformed the market by gaining up to 28% after the various initiatives for the real estate sector. On comparison, the S&P BSE Sensex was up 7% during the same period.
“The incentives announced by the government are expected to ease funding for affordable housing projects, provide tax relief to developers with unsold inventory, and support demand on the back of a softening rate environment. Deferment of payment of capital gains in case of joint development agreements is expected to benefit land owners, making them a preferred model of development,” CRISIL Research said in Budget Analysis.
Proposals for affordable housing will give a boost to real estate, allow promoters to raise funds at lower rates for longer tenure and avail of tax benefits, and create credit growth opportunities for the housing finance industry, added report.
Dilip Buildcon surged 6% to Rs 364, extending its past two-and-half months rally on BSE. Thus far in 2017, the stock of company engaged in roads & highways business has zoomed 59% as compared to 11% rise in the S&P BSE Sensex.
IIFL Institutional Equities retain ‘buy’ rating on the stock with 12-month target price of Rs 382.
Besides, HDFC, Dewan Housing Finance Corporation (DHFL), Can Fin Homes, Indiabulls Housing Finance from housing finance companies and Kotak Mahindra Bank and RBL Bank from private banks hit record highs.
Since February 1, post Budget, HFCs has outperformed the market by gaining up to 28% after the various initiatives for the real estate sector. On comparison, the S&P BSE Sensex was up 7% during the same period.
“The incentives announced by the government are expected to ease funding for affordable housing projects, provide tax relief to developers with unsold inventory, and support demand on the back of a softening rate environment. Deferment of payment of capital gains in case of joint development agreements is expected to benefit land owners, making them a preferred model of development,” CRISIL Research said in Budget Analysis.
Proposals for affordable housing will give a boost to real estate, allow promoters to raise funds at lower rates for longer tenure and avail of tax benefits, and create credit growth opportunities for the housing finance industry, added report.
Dilip Buildcon surged 6% to Rs 364, extending its past two-and-half months rally on BSE. Thus far in 2017, the stock of company engaged in roads & highways business has zoomed 59% as compared to 11% rise in the S&P BSE Sensex.
IIFL Institutional Equities retain ‘buy’ rating on the stock with 12-month target price of Rs 382.