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Nifty Realty rises 1.6% on quarterly updates; Sunteck Realty skyrockets over 7.5% but Phoenix Mills drags

Oberoi Realty and Sobha also advance on quarterly updates like Sunteck.

January 10, 2022 12:55 IST | India Infoline News Service
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Nifty Realty was 1.6% higher to go with bullish markets on Monday a the index was boosted by robust quarterly business updates from top realty companies.

Sunteck Realty hit a 52-week high of Rs554.90 per piece. Oberoi Realty and Sobha also advance on quarterly updates like Sunteck. Brigade, DLF, and Lodha were also in the fast lane. Phoenix Mills Limited was the only listed real estate company on the NSE, under pressure.

Benchmark indices saw a solid start to Monday's trade amid expectations of strong earnings from the initial batch of companies this week.

At around 12.55 pm, BSE Sensex was trading at 60,296.42 up 551.77 points or 0.92% and Nifty 50 at 17,974.10 up 161.40 points or 0.91%. Nifty Realty was trading at 493.55 up 7.75 points or 1.60%, touching a high of 497.80 and low of 490.50 during intraday trade on Monday.

Sunteck Realty skyrocketed nearly 7.5% to Rs548.60 after the companys pre-sales jumped 23% yoy while collections grew 41% yoy in Q3 December 2021 over Q3 December 2020.

Oberoi Realty rose 2.5% to Rs933.40 after the Mumbai-based realty developer reported strong sales numbers in Q3 December 2021. On a consolidated basis, Oberoi Realty's sales booking value surged 102.37% to Rs1,965cr during the October-December quarter from Rs971cr in the year-ago period. It sold 371 units during the last quarter against 234 units a year ago, up 58.55% year-on-year.

DLF and Brigade surged 2.3% respectively to lift the performance of the sector. Lodha (up 1.73%), Godrej Properties (up 1.5%) and Indiabulls Real Estate (up 1.5%) also outperformed.

Sobha Limited gained 1.2% at Rs862.45 per piece. The company reported sales volume of 13,22,684 square feet of super built-up area valued at Rs 1,047.5 crore in Q3FY22, up from sales volume of 11,33,574 square feet of super built-up area valued at Rs887.6cr in Q3FY21. Sobha share of sale value stood at Rs908.2cr during the quarter, up from Rs677.7cr in same quarter last year.

Prestige was also trading in the green. Phoenix Mills Limited dragged nearly 3.5% at Rs954.50 per piece.

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