Realty shares surge; Unitech up 4%

Mar 24 2011, 10:11 IST
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SummaryRealty shares were trading higher as institutions started accumulating some specific sectoral stocks.

Shares of real estate companies were trading higher as institutions started accumulating some specific sectoral stocks, which were beaten down during the past one month, several dealers said. Separately, J.P. Morgan late on Wednesday, upgraded Unitech to "overweight" and increased the target price to 60 rupees. . "The discrepancy between Unitech's stock price and inherent land valuation is wide at the moment," the U.S. investment bank said. Even as the stock has declined 60 percent from September last, physical prices in two of its key markets Gurgaon and Noida have been heading northwards, it added. At 10.33 a.m., the real estate index of the BSE was up 2.26 percent outperforming the benchmark index , which was up 0.7 percent. Shares of Unitech, DLF , Sobha Developers , Indiabulls Real Estate , Orbit Corp. and Parsvanath Developers were up 2-4 percent.

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