Top D-Street winners & losers: Here's why Godrej Properties, Oberoi Realty, Inox Leisure and Tata Steel are on the list this week

SUMMARY

Indian equity benchmarks clocked a fifth straight weekly gain and raced to fresh peaks led by sharp buying interest in the IT pack. In a week that helped the Sensex cross the 60,000 mark decisively, the 30-scrip index added 1,033 points (1.8 percent). Realty shares were also in high demand. But why? Here are a few movers and shakers on Dalal Street this week.

By Sandeep Singh Sept 25, 2021 9:01:01 AM IST (Published)

Godrej Properties (up 34.3%): The real estate company sold residential property worth Rs 575 crore in a single day at its luxury project in Noida. Mumbai-based Godrej Properties said it had sold 340 homes with an area of more than half a million square feet on the first day of launch of the second phase of its Godrej Woods project.

The news gave boost to the entire basket as investors pinned hopes on the upcoming festive season, helping the Nifty Realty index surge 21 percent for the week as it scaled multi-year highs.

Oberoi Realty (up 25.8%), DLF (22.7%), Sunteck Realty (12.7%), Brigade (12.1%), Indiabulls Real Estate (12.1%) and Prestige Estate (11.5%) were some of the other weekly gains from the sector.

Inox Leisure (up 14.1%): Optimism on the unolock theme also boosted multiplex shares. PVR rose 8.5 percent for the week.

Hotel stocks rose on optimism around reopening of the economy. Top Union Home Ministry officials are deliberating with all stakeholders on the expected date and modalities for opening up of the country for foreign tourists, news agency PTI reported. Chalet Hotels and Indian Hotels logged weekly gains of 20 percent each. According to Santosh Meena, Head of Research at Swastika Investmart, the overall outlook for the travel and tourism industry is very bullish on the back of changing lifestyle, government support and attractive valuations.

CESC shares registered a weekly loss of 8.7 percent, and Torrent Power a gain of 2.2 percent. Torrent Power inked a share purchase pact to acquire wind power projects of 156 MW for about Rs 790 crore from Surya Vidyut, an arm of CESC. Surya Vidyut operates 156 MW wind power plants spread across Gujarat, Rajasthan and Madhya Pradesh.

Tata Steel (down 8.2%): Wild swings in the prices of the alloy shook the whole metal pack. after China -- the world's top steelmaker -- hinted at expanding air pollution controls to more cities. Steel production in the world's biggest steel producer continued to slide, fuelling concerns around demand for the raw material. Investors were also on the back foot as a deadline for the financially-troubled Chinese property developer Evergrande to pay interest on loans stoked fears of falling steel demand.