Real estate and construction stocks jump after announcement of 3 crore houses under PMAY
Prime Minister Narendra Modi's government unveils plan to build 3 crore houses, boosting real estate sector shares in consecutive bullish sessions
MUMBAI: Real estate and construction sector shares were trading in the green on Wednesday after Prime Minister Narendra Modi’s new cabinet announced the construction of 3 crore additional houses in rural and urban areas under the Pradhan Mantri Awas Yojana (PMAY).
This is the third consecutive session when real estate and sector stocks have remained bullish.
Shares of Godrej Properties, UltraTech Cement, Mahindra Lifespace, LIC Housing, ShreeCement and NCC were in the green.
In the last five trading sessions, UltraTech Cement shot up nearly 10 per cent, Ambuja and Shree Cement each rallied 6 per cent, Godrej Properties soared 5 per cent, Mahindra Lifespace Jumped 9 per cent, LIC Housing shot up 11 per cent and NCC soared nearly 10 per cent.
Buying is seen in the broader market. At 1 p.m., Sensex was up 399 points or 0.52 per cent, at 76,855 and Nifty was up 134 points or 0.58 per cent, at 23,399.