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Nifty below 12,000; realty stocks buzzing

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Indices trimmed initial gains and traded with small gains in morning trade. The Nifty slipped below the 12,000-mark. At 10:34 IST, the barometer index, the S&P BSE Sensex, was up 93.86 points or 0.23% at 40,557.91. The Nifty 50 index was up 20.75 points or 0.17% at 11,986.80.

The broader market outperformed the benchmark and trader higher. The S&P BSE Mid-Cap index was up 0.45%. The S&P BSE Small-Cap index was up 0.42%.

The market breadth was positive. On the BSE, 1047 shares rose and 806 shares fell. A total of 122 shares were unchanged. In Nifty 50 index, 21 stocks advanced and 29 stocks declined.

BPCL (down 1.05%), Power Grid Corporation of India (down 0.03%), Sun Pharmaceuticals (down 0.4%) and UPL (down 0.4%) will be the Nifty companies announcing their Q2 September 2019 results today.

HPCL (up 0.14%), Whirlpool (up 0.37%), Wockhardt (up 0.58%), Adani Transmission (up 1.7%), Thomas Cook (up 2.03%), UCO Bank (up 2.18%), United Breweries (down 0.47%), Trent (up 1.23%), IPCA Laboratories (up 1.01%), Procter & Gamble Health (up 2.45%), Gabriel India (down 5%), Engineers India (up 1.42%) and Indraprastha Gas (down 0.19%) are some of the companies that will announce their Q2 2019 earnings today.

Buzzing index:

Real estate shares advanced after the Union Cabinet approved special window for funding of stalled affordable and middle-income housing projects.

The Nifty Realty index was trading 1.42% higher at 277.95. Indiabulls Real Estate (up 4.94%), Sobha (up 3.67%), Anant Raj (up 2.08%), Prestige Estates Projects (up 2.03%), Oberoi Realty (up 1.55%), Godrej Properties (up 1.23%), DLF (up 1.1%), Brigade Enterprises (up 1%) and The Phoenix Mills (up 0.39%) surged.

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the establishment of a 'special window' fund to provide priority debt financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector. For the purposes of the fund, the government shall act as the sponsor and the total commitment to be infused by the government would be upto Rs 10,000 crore. The fund will be set up as a Category-11 AIF (alternate investment fund) debt fund registered with Sebi and would be professionally run. For the first AIF under the special window, it is proposed that SBICAP Ventures shall be engaged to be the investment manager. This fund would in turn provide relief to developers that require funding to complete a set of unfinished projects and consequently ensure delivery of homes to the home-buyers. Since the real estate industry is intrinsically linked with several other industries, growth in this sector will have a positive effect in releasing stress in other major sectors of the Indian economy as well.

Stocks in spotlight:

Indiabulls Housing Finance jumped 10.6% to Rs 242.5 after the board approved fund raising plans. The company plans to issue secured and/or unsecured redeemable non-convertible debentures (NCDs), in one or more tranches, by way of a public issue and/or private placement of up to Rs 10,000 crores. The NCDs are proposed to be listed on the National Stock Exchange of India Limited, BSE Limited or any other stock exchange, as may be decided by the Board of Directors of the Company from time to time. The company reported its Q2 earnings after market hours yesterday. On consolidated basis, company's net profit declined 32.15% to Rs 702.18 crore on a 19.62% drop in total revenue from operations to Rs 3419.54 crore in Q2 September 2019 over Q2 September 2018. The board has also declared an interim dividend of Rs 7 per equity share.

JB Chemicals & Pharmaceuticals jumped 5.69% after the company said that the board of directors of the company at its meeting to be held on 12 November 2019 will also consider the proposal for buy-back of equity shares.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 07 2019. 10:37 IST