Sensex Trades Marginally Higher; M&M and Tata Steel Top Gainers

Wed, 18 Dec 12:30 pm

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Share markets in India are presently trading on a positive note. Benchmark indices gained in early trade today to hit their all-time highs, tracking bullish trend from global markets.

The BSE Sensex is trading up by 87 points while the NSE Nifty is trading up by 24 points. The BSE Mid Cap index is trading down by 0.4%, while the BSE Small Cap index is trading on a flat note.

Sectoral indices are trading mixed with stocks in the metal sector and IT sector witnessing most of the buying interest, while telecom stocks are trading in red.

The rupee is trading at 71.06 against the US$.

In news from the realty sector, Prestige Estates share price is in focus today.

Shares of the company surged over 5% after the company announced fund raising plan via preferential issue.

The company in a regulatory filing said that, "the board of directors of the real estate developer is scheduled to meet on Friday, December 20, 2019 to consider and approve raising of funds through preferential issue to an identified allottee."

Earlier this month, stock of the real estate developer had hit an all-time high of Rs 364, on optimization of strong pipeline of rental assets yielding growth in rentable income.

In other news, India's largest real estate developer, DLF is planning to strengthen its portfolio of rental assets with its partner, Singapore's sovereign wealth fund GIC Pte Ltd, monetize residential inventory, and start the next construction cycle in fiscal year 2020-21.

Reports state that the company's residential business will continue to focus on Delhi and its suburbs. The company has also outlined a pan-India strategy to expand its rental office portfolio across Chennai, Hyderabad and Pune.

Earlier this year, DLF promoters had infused Rs 22.5 billion into the company, the last tranche of the planned investments of Rs 112.5 billion, making it one of the largest promoter infusions in an Indian firm.

The fund infusion took place after the promoters sold their entire stake in DLF's rental arm, DLF Cyber City Developers Ltd, for Rs 119 billion.

DLF share price is presently trading down by 2%.

Speaking of real estate sector, this is one sector that has tested investor patience over the years. While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

Also, post the IL&FS crisis, lending to real estate developers has largely dried up. The BSE Realty Index also reflects the same. It was down 31% in 2018.

But is the scenario about to change?

The government recently announced a Rs 250 billion package to bailout stalled housing projects. It's a much-needed relief for homeowners.

Is the Real Estate Sector Set for a Turnaround?

The BSE Realty Index has seen a sharp bounce post this announcement.

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

Moving on to news from the IT sector, Infosys has agreed to pay US$ 800,000 to settle allegations of misclassification of foreign workers and tax fraud.

As per reports, Infosys will pay California US$ 800,000 to resolve allegations that between 2006 and 2017, approximately 500 Infosys employees were working in the State on Infosys-sponsored B-1 visas rather than H-1B visas.

This misclassification resulted in Infosys avoiding California payroll taxes such as the unemployment insurance, disability insurance, and employment training taxes.

However, Infosys denied the allegations and asserted of no wrongdoings.

In 2017, the IT major had agreed to pay the State of New York US$ 1 million to settle allegations of submitting wrong documents to federal authorities.

Infosys share price is presently trading up by 0.6%.

To know more about the company, you can read Infosys' latest result analysis and Infosys 2018-19 annual report analysis on our website.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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