BackInfra, realty stocks gain on land acquisition ordinance
The ordinance will help ease certain provisions which could speed up the process of land acquisition
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Mumbai: Shares of infrastructure, realty developers and defence companies were trading higher on Tuesday after the government used its executive powers to make it easier to acquire land in five key sectors. These sectors includes security and defence, infrastructure, power and affordable housing.
The ordinance will help ease certain provisions related to social impact assessment and obtaining consent, which could speed up the process of land acquisition for national security and infrastructure development, including development of industrial corridors and affordable housing, Mint reported. The government, however, left the level of compensation unchanged.
Shares of infrastructure firms such as Lanco Infratech Ltd rose 6.5% to ₹ 6.23, NCC Ltd was up 5% to ₹ 83.05, BEML Ltd 3.7% to ₹ 726.10, Bharat Electronics Ltd 3.5% to ₹ 2,832. Larsen and Toubro Ltd (L&T) also rose 1% to ₹ 1,509.50 a piece.
Shares of realty developers and road and highway construction companies were also trading higher. National Buildings Construction Corp Ltd rose 4.5% to ₹ 817.20, IRB Infrastructure Developers Ltd was up 3.4% to ₹ 261.50, Godrej Properties Ltd 5.4% to ₹ 263 and Sobha Developers Ltd 2.2% to ₹ 480.
The BSE Sensex was trading at 27,373, down 0.07% at 10.50am on Tuesday.
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