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Puravankara Shares Surge on Bengaluru Land Deal; Asian Markets Decline

By SivamPuravankara Shares Surge on Bengaluru Land Deal; Asian Markets Decline

Puravankara’s stock jumps 1.37% after acquiring a 9.73-acre Bengaluru land parcel with Rs 800 crore GDV, while Asian markets dip amid risk aversion.

Real estate developer Puravankara saw its shares jump by 1.37% on Wednesday after announcing a significant land acquisition in Bengaluru. This positive movement for the Indian firm contrasted with a broader dip across Asian markets, driven by risk aversion and anticipation of the US Federal Reserve’s policy decision.

Puravankara’s Strategic Bengaluru Acquisition

Puravankara’s stock rose to Rs. 217.50 on the BSE following the outright purchase of a 9.73-acre land parcel in Bengaluru.

  • The acquired land has a development potential of approximately 0.89 million sq. ft.
  • It carries an estimated Gross Development Value (GDV) of Rs 800 crore.

Asian Markets Face Headwinds

Concurrently, Asian markets traded mostly lower in early deals, reflecting investor caution. This widespread decline was largely attributed to risk aversion and the impending US Federal Reserve policy decision, alongside sharp selloffs in AI-related stocks.

  • South Korea’s KOSPI retreated after four straight sessional gains.
  • Hang Seng was down by 0.33% to 24,414.00.
  • Taiwan weighted slipped by 0.65% to 45,510.12.
  • The Jakarta Composite declined by 0.33% to 6,234.13.
  • The Shanghai Composite also narrowed.
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