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Thursday, January 1, 2009

Some cheer for realty stocks

There was some good news for the real estate firms on Thursday with the realty index of the BSE gaining valuable points on fresh buying by investors.

The realty index gained as much as 6.52 per cent to settle at 2,422.43 points. During the day, the index surged to a high of 2,445.93 points.

But, the major news for the day was Goldman Sachs Investments Mauritius (India) buying shares worth Rs 30.84 crore in Indiabulls Real Estate through open market transactions.

Led by Indiabulls, which surged nearly 18 per cent, the BSE Realty index ended in green. Indiabulls rose as much as 18.30 per cent to Rs 155.15 points.

The major gainers were Unitech (9.61 per cent), Housing Development Infrastructure Ltd (8.20 per cent), Ansal Infrastructure (7.23 per cent) and Parsvnath Developers (6.67 per cent).
Apart from Indiabulls’s acquisition, expectations of further cut in interest rates also influenced the market operations.
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