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Friday, December 11, 2009

India’s Property Recovery to Drive Stocks

A recovery in Indian commercial property and rising home prices in Mumbai and New Delhi will boost asset values and drive real estate stocks next year, BofA Merrill Lynch Global Research said.

The brokerage was reinstating coverage of the nation’s property industry with a “bullish” stance and has a “buy” recommendation for Indiabulls Real Estate Ltd., DLF Ltd. and Housing Development & Infrastructure Ltd., BofA Merrill Lynch analysts Unmesh Sharma and Gagan Agarwal said in report today. They have a “neutral” recommendation for Unitech Ltd., the second-biggest developer.

“Real estate stocks have experienced a sharp rally since March 2009 on the back of capital raising and increased sales volume in the residential segment,” the analysts wrote. “We expect commercial property and pricing to surprise positively, leading to the next round of significant net asset value upgrades.”

Housing Development, the nation’s third-largest developer by value, has more than doubled in Mumbai trading this year, leading gains among the largest property stocks. The benchmark Sensitive Index, also known as the Sensex, has risen 80 percent, poised for its best annual performance since 1991

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Saturday, Jun 07
01:00 CFTC Gold NC Net Positions 1 $187.9K $174.2K
01:00 CFTC Oil NC Net Positions 1 168.0K 165.7K
01:00 CFTC GBP NC Net Positions 1 £35.2K £35.4K
01:00 CFTC AUD NC Net Positions 1 $-63.2K $-61.2K
15:10 BoE's Greene speech 2
Monday, Jun 09
24h Whit Monday 0
04:15 Manufacturing Sales 1 1.1%
19:30 Wholesale Inventories 1 0% 0%
21:00 3-Month Bill Auction 1 4.25%
21:00 6-Month Bill Auction 1 4.15%
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