Real Estate stocks are trading strong led by Sobha Developers and Oberoi Realty. According to a leading financial daily, DLF has completed the sale of its hotel subsidiary, DLF Hotels & Hospitality to a Kolkata-based consortium of Avani Projects, Square Four Housing and Infrastructure Private for Rs 5.6 bn. The subsidiary which owns land parcels in four cities was started in a joint venture with leading hospitality chain Hilton International. Under the deal, Avani will be in charge of Kolkata and Chennai projects that has land parcel of 6 acres and 6.6 acre, respectively. Square Four will be in charge of Mysore (2.4 acres) and Thiruvananthapuram (2.14 acres). The acquirers will build luxury hotel only in Kolkata land, while in other places there will be residential and commercial units.
Energy stocks are trading strong led by Bharat Petroleum Corporation Limited (BPCL) and Essar Oil. According to a leading financial daily, Oil and Natural Gas Corporation (ONGC) has extended its pact with Hinduja group by a year for sourcing liquefied natural gas (LNG). ONGC had earlier signed a Memorandum of Understanding (MoU) with Hinduja group company Ashok Leyland Project Services Limited (ALPS) regarding a LNG deal. As per the agreement, the two firms would form a company which would source LNG from Iran, Qatar, Kuwait, Libya, Oman, Saudi Arabia and UAE. The MoU has expired in May and both the parties have mutually decided to extend their pact by a year.