Real estate shares in focus; Godrej Properties hits record high, DLF up 5%
Posted on 3rd April 2019 |
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Shares of real estate companies were trading higher for the second straight day on Wednesday with Godrej Properties hitting an all-time high, while DLF was quoting near its 52-week high on the National Stock Exchange (NSE).
At 10:43 am, the Nifty Realty index was the largest gainer among sectoral indices and was up 1.8 per cent, extending its previous day's 2 per cent gain on the NSE. In the past month, the realty index has surged 21 per cent against 8 per cent rise in the benchmark Nifty 50 index.
Godrej Properties hit an all-time high of Rs 936, up 5 per cent on Wednesday, surging 15 per cent in past two trading days, after the Mumbai-based real estate developer recorded its best-ever quarterly sales performance in the January-March quarter (Q4FY19). The stock surpassed its previous high of Rs 917 recorded on May 8, 2018 in intra-day trade.
Godrej Properties sold over 2,900 homes with a total area of approximately 3.75 million square feet and a booking value in excess of Rs 2,100 crore during the quarter. Q4FY19 was the company’s best-ever quarter for bookings, eclipsing its previous best ever residential sales quarter, achieved in Q3 FY19, by approximately 50 per cent.
DLF has rallied 5 per cent to Rs 210, extending its previous day's 2 per cent gain on the NSE. The stock was trading at its highest level since September 18, 2018, quoting close to its 52-week high of Rs 226 hit on April 27, 2018 in intra-day deal.
Last week, DLF had successfully raised Rs 3,173 crore through qualified institutional placement (QIP). Investors like Oppenheimer Global Fund, Society Generale, BNP Paribas, Morgan Stanley France, Copthall Mauritius Investment and Stichting Depositary APG Emerging Markets allotted the shares in the offer.
Analysts at HDFC Securities have ‘buy’ rating on the stock with a target price of Rs 264 per share.
“While the National devco projects are now portraying an uptick in volumes, DLF hopes for a similar turnaround in its ‘Rest of Gurgaon’ projects (inventory of around Rs 3,650 crore), which are still reeling under pressure from inventory oversupply. With Phase V inventory gradually diminishing (around Rs 5,750 crore), DLF is planning for new launches there,” the brokerage firm said in Q3FY19 results review.
Meanwhile, a panel of economists, including former Chief Economic Adviser Arvind Virmani, on Tuesday called for at least 0.25 percentage point rate cut in the RBI's first monetary policy of the current fiscal to be unveiled later this week, the PTI report suggested. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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