Nifty Realty declines 2% led by Indiabulls Real Estate, Sobha, Oberoi Realty, Sunteck

Real Estate PurchaseThe Nifty Realty declined 2% led by heavy selling pressure in Indiabulls Real Estate, Sobha, Oberoi Realty, Sunteck Realty, and Prestige Estate.

Shares of Indiabulls Real Estate and Sobha, which declined 6% and 5%, respectively, were leading the index’s fall. Shares of Oberoi Realty and Sunteck Realty also contributed to the fall, slipping 4% each. Shares of Prestige Estate, Brigade Enterprises, and DLF also dropped 1% each.

Shares of Brigade Enterprises declined despite the company’s PAT for the fourth quarter of FY19 increased 22% yoy at Rs59.7cr. The company’s revenue for Q4FY19 rose 75.3% yoy at Rs760cr, while EBITDA rose 59.9% at Rs215.4cr. Margin of the company stood at 28.3% vs. 31.1% a year ago.

Meanwhile, equity benchmark indices were trading in the red on Tuesday. The Sensex declined  312 points at 37,964 levels and the Nifty dropped 93 points at 11,404 levels.