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Market consolidates after Thursday's sharp fall, Nifty around 11,850; realty gains
Indiabulls Real Estate shares gained over a percent after promoters sold stake in the company to Embassy Group.
Jitu Virwani, CMD at Embassy Group told CNBC-TV18 that the Group will pick up 28 percent stake in Indiabulls Real Estate eventually but there are no plans to increase the stake from 28 percent at the moment.
Embassy met the Indiabulls promoters on Wednesday & deal funded through own funds is sealed today. The embassy has around 2.3 million square feet of the total commercial portfolio. Mahesh Nandurkar of CLSA told CNBC-TV18 that earnings growth for CLSA's coverage in Q4FY19 was 36 percent YoY as the low base of losses in the financial sector kicked in.
He said earnings missed estimates for half the stocks and also resulted in FY20 earnings downgrades for a similar number. The rupee traded marginally higher at 69.26 a dollar against 69.27 in the previous session, after the Reserve Bank cut key interest rates by 0.25 percentage point.
To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 percent and changed its monetary policy stance to accommodative, leaving space for future rate cuts.
Forex traders said investors welcomed the RBI policy decision as this would help to boost the slowing economy.
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