Indiabulls Real Estate Surges on Share Buyback Plan

Indiabulls Real Estate share price moved higher by 8 per cent to Rs 73.45 on NSE, bouncing back 18 per cent from intra-day low, after the Mumbai-based real estate developer declared that the board will meet on November 24, to consider buyback of equity shares.

Indiabulls Real Estate share price hit an intra-day low of Rs 62.10 on the NSE. Thus far in November, it underperformed the market by declining 22 per cent as compared to 3.16 per cent decline in the S&P BSE Sensex and 3 percent decline in the benchmark Index Nifty.

Indiabulls Real Estate said in a BSE filing that a meeting of the board of directors of the company will be held on November 24, 2016, among other things, to consider the proposal of Buy-back of equity shares of the company.

As of September 30 shareholding pattern, the promoters owned 47.55 per cent stake in the company. The remaining 52.45 per cent holdings are with the others include bodies corporate with 20.99 per cent stake, foreign portfolio investors (FPI) with 12.14 per cent stake and individual shareholders owning 7.67 per cent shares.

At 2:37 PM, Indiabulls Real Estate share price was trading at Rs. 71.85, up by almost 6 per cent as against 2.22 per cent decline in the benchmark index Nifty and 2.32 per cent decline in BSE S&P Sensex. So far, over two crores eighty seven lakhs shares had changed hands on the NSE trading counter.

For Q2FY17, Indiabulls Real Estate has posted a 100 per cent year on year growth in net profit. It declared a rise in total revenue by 15 per cent to Rs. 911.9 crores. In the quarter, the company registered the new sales worth Rs. 755 crores.

Indiabulls is the top 500 recommendation made by Dynamic Levels for the quarter. For the Levels of support and resistance of Indiabulls Real Estate, visit Indiabulls Real Estate share price forecast page of Dynamic Levels website.