Real estate shares in focus; DLF hits 52-week high

Shares of real estate companies were trading higher by up to 10% on the Bombay Stock Exchange (BSE) in early morning trade on the back of heavy volumes.

DLF, Unitech, Housing Development & Infrastructure (HDIL), Sobha, Oberoi Realty, Indiabulls Real Estate, Godrej Properties, Parsvnath Developers, Kolte Patil Developers and DB Realty were up 2%-10% on the BSE.

At 09:51 AM, the S&P BSE Realty index was up 4% as compared to 0.52% rise in the S&P BSE Sensex. The realty index hit a 52-week high of 1,515 on the BSE in intra-day trade.

DLF, the largest gainer among real estate pack, has rallied 10% to Rs 147, also its 52-week high on the BSE in early morning trade, on reports that the promoters of real estate developer will pump Rs 10,000 crore by purchasing shares in a preferential issue.

The counter has seen huge trading volumes with a combined 14.88 million equity shares changed hands so far against an average sub 9 million shares that were traded daily in past two weeks on the BSE and NSE.

Read Full Story: Real estate shares in focus; DLF hits 52-week high