State-run banks
The government announced it was forming an asset management company to take over stressed assets of banks in an effort to clean up one of the world’s worst pile of bad loans. Banks, insurers rose on plans for setting up a bad-debt manager. State Bank of India Ltd., Bank of Baroda, Canara Bank, Union Bank of India, Bank of India and Punjab National Bank could be among the beneficiaries.
Textiles
Sitharaman’s announcement of the establishment of seven mega textile parks to be launched in three years could boost the sector, benefiting companies including Century Textiles Ltd., Raymond Ltd., Trident Ltd. and Arvind Ltd. among others.
Read more about Oberoi Realty Ltd Spurts 2.9%, S&P BSE Realty Index index Gains 1.81% on Business Standard. Oberoi Realty Ltd has lost 8.21% over last one month compared to 1.55% fall in S&P BSE Realty Index index and 2.39% drop in the SENSEX
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NEW DELHI: Shares of real estate stocks rallied in Monday s trade ahead of the Budget 2021.
At 10.15 am, shares of Prestige Estates were ruling 4.19 per cent higher at Rs 278.20. Phoenix climbed 3.54 per cent to Rs 774.30. Oberoi Realty advanced 3.19 per cent to Rs 543.50. DLF rose 1.92 per cent to Rs 260.30. Sobha, Godrej Properties and Indiabulls Real Estate added up to 1 per cent.
The BSE Realty index rose 47.69 points or 1.97 per cent to 2,466.21 and was the top performing sectoral index on BSE, thanks to high expectations from the Budget.
In case of real estate, a Rs 2 lakh rebate is available on housing loan interest rates under section 24 of the IT Act. There are expectations that this rebate could be increased to at least Rs 5 lakhs. If that happens, real estate stocks such as DLF, Godrej Properties, Prestige Estates, Brigade Enterprise, Ashiana Housing would be in focus. It would also be positive for building material players such as Kajaria Ceramics, Century
Read more about Real Estate shares gain on Business Standard. Real Estate stocks were trading in the positive zone, with the S&P BSE Realty Index index rising 34.01 points or 1.41% at 2444.16 at 09:48 IST.
Real Estate stocks were trading in the negative zone, with the S&P BSE Realty Index index falling 53.31 points or 2.17% at 2407.84 at 13:48 IST. Among the components of the S&P BSE Realty Index index, Brigade Enterprises Ltd (down 5.15%), Sunteck Realty Ltd (down 4.7%),Prestige Estates Projects Ltd (down 4.15%),Godrej Properties Ltd (down 3.39%),Phoenix Mills Ltd (down 3.07%), were the top losers. Among the other losers were Sobha Ltd (down 2.56%), Indiabulls Real Estate Ltd (down 2.22%), and Oberoi Realty Ltd (down 1.73%). On the other hand, Mahindra Lifespace Developers Ltd (up 0.56%), and DLF Ltd (up 0.43%) moved up.
At 13:48 IST, the S&P BSE Sensex was down 505.47 or 1.07% at 46904.46.