Prestige Estates up 16 per cent, Realty index up 2.66 per cent

The stock of realtor Prestige Estates was buzzing on the bourses since the open of trade on Monday. The stock of Prestige Estates was up by 16 per cent, followed by Brigade Enterprise which surged by more than 7 per cent.

Among the sectoral indices, the Nifty Realty was up 2.66 per cent, lead by Prestige, Brigade, IndiaBulls Real Estate and Godrej Properties.

Last week, a leading global brokerage recommended the stock of Prestige Estates, thereby triggering a rush towards the stock counter. On Monday, the stock opened at Rs. 221.00 per share and surged to hit an intraday high of Rs. 253.80, which is just arm's length from the brokerage's target price for the stock.

The buzz in other real estate stocks can be attributed to the possibility that the GST Council in its meeting scheduled for Tuesday might deliberate on various issues regarding the implementation of lower GST rates for the sector.

At 14:49 on Monday, the stock of Prestige Estates was trading at Rs. 249.10 per share, up by Rs. 34.00 or 15.81 per cent. The stock of Brigade Enterprise was at Rs. 227.00 per share, up by 7.21 per cent, while IndiaBulls Real Estate was at Rs. 85.90 per share, up by 3.86 per cent, followed by Godrej Properties was quoting Rs. 698.90 per share, up by 3.75 per cent.