BSEREALTY (4317)
BSE REALTY Index after a very good rally is showing sign of weakness, but below 4200 on closing basis only this sector can show weakness. There has been good sell-off in this sector for past 3days and news of HDIL facing IT raid kept pressure on the sector. Macquarie Bank sells shares of HDIL worth Rs 22cr as reported by BS on 7/Sep adding more pressure to this sector where retail speculative interest is very high, so I would advise caution going forward as advance tax figure which would be known by next week will throw more light on the performance.
BSE REALTY Index after a very good rally is showing sign of weakness, but below 4200 on closing basis only this sector can show weakness. There has been good sell-off in this sector for past 3days and news of HDIL facing IT raid kept pressure on the sector. Macquarie Bank sells shares of HDIL worth Rs 22cr as reported by BS on 7/Sep adding more pressure to this sector where retail speculative interest is very high, so I would advise caution going forward as advance tax figure which would be known by next week will throw more light on the performance.
http://www.business-standard.com/india/news/macquarie-bank-sells-shareshdil-worth-rs-22-cr/72795/on Australia's Macquarie Bank has sold shares of Housing Development & Infrastructure totalling Rs 22.28 crore, through an open market transaction.
IT dept raids HDIL premises
http://economictimes.indiatimes.com/Personal-Finance/I-T-dept-raids-12-HDIL-premises/articleshow/4996764.cms
http://www.moneycontrol.com/news/cnbc-tv18-comments/i-t-dept-raids-hdil-premises-sources_415033.html
A massive 30% fall in sales, 49% drop in profit after tax (PAT) and over Rs 2,000 crore of debt restructured—these statistics should have been enough to get most bullish managements to tighten their belts. But that does not seem to hold true for Mumbai-based real estate developer HDIL. The top brass of the company have walked away with a pay hike of a whopping 10 times, for the year 2009-10, CNBC-TV18’s Priyanka Ghosh reports. http://www.moneycontrol.com/india/news/cnbc-tv18-comments/hdil-mgmt-gives-itself-1000-pay-hike-even-as-pat-fell-49/411901
