Shares Of Indiabulls Real Estate Gain 100% Last Month
Shares of real estate firm Indiabulls Real Estate gained over 100 percent and made a high of Rs163.20. This level was last made on November 12, 2010. In a particular day trade it gained as much as 11%. The jumps in share prices are majorly due to the approval received from board of management to restructure their commercial and leasing operations as a separate entity.
A high of 163.20 was made on 24th April 2017 with an intra-day surge of 11% to match the level of record high made on 12th November 2010. From March 29, 2017 till 24th April the share prices has gone 103%, and total 118.74% if considered from the year beginning.
On 24/4/17 around 11am, Indiabulls script was going at BSE on Rs155.50 per share. It was already up by 10% from the previous day close, at that time Bombay stock exchange Sensex index was up by 0.5% to 29,502.86 points. It has to be mentioned that at this point few other realty stocks also were gaining momentum along with Indiabulls. Companies like DLF, HDIL, Godrej Properties etc rose close to 5%, 4%, and 2.7% respectively.
In the meeting held on April 20, 1027, the board of the company officially informed that Indiabulls Real Estate will be continuing with residential operations in the same name and their commercial assets and leasing will be working in the name of new entity Indiabulls Commercial Assets Ltd.
The net worth of Indiabulls commercial operation is Rs2,311 Cr and it has a debt of Rs3,950 Cr. with revenue generation potential of Rs1,357 Cr in 2020-21.
The management of India Bulls is exploring the opportunities for getting inside the new entity some strategic investments. The board may either get some strategic investors for their rental arm or it might consider demerging their rental from development arm as reported by MINT.
CNBC TVearlier reported that regulatory services of NSE and Capital Market regulator services have started probing on the sudden surge on share prices that have happened in couple of trading sessions around 24th April 17.
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