 "Indiabulls Real Estate rebounds on share buyback plan")
Indiabulls Real Estate has moved higher by 4% to Rs 70.80 on BSE, bouncing back 14% from intra-day low, after the company announced that the board will meet on November 24, to consider buyback of equity shares.
The stock of the Mumbai-based real estate developer hit an intra-day low of Rs 62.10 on the BSE. Thus far in November, it underperformed the market by falling 22% as compared to 1.3% decline in the S&P BSE Sensex till Thursday.
“A meeting of the board of directors of the company will be held on November 24, 2016, inter alia, to consider the proposal of Buy-back of equity shares of the company,” Indiabulls Real Estate said in a BSE filing.
As of September 30, the promoters held 47.55% stake in the company. The remaining 52.45% holdings are with the others include bodies corporate (20.99%), foreign portfolio investors (12.14%) and individual shareholders (7.67%).
At 11:40 am, the stock was up 2.7% at Rs 69.70 on BSE. The trading volumes on the counter jumped more than two-fold with a combined 21.49 million shares changed hands on BSE and NSE.
The stock of the Mumbai-based real estate developer hit an intra-day low of Rs 62.10 on the BSE. Thus far in November, it underperformed the market by falling 22% as compared to 1.3% decline in the S&P BSE Sensex till Thursday.
“A meeting of the board of directors of the company will be held on November 24, 2016, inter alia, to consider the proposal of Buy-back of equity shares of the company,” Indiabulls Real Estate said in a BSE filing.
As of September 30, the promoters held 47.55% stake in the company. The remaining 52.45% holdings are with the others include bodies corporate (20.99%), foreign portfolio investors (12.14%) and individual shareholders (7.67%).
At 11:40 am, the stock was up 2.7% at Rs 69.70 on BSE. The trading volumes on the counter jumped more than two-fold with a combined 21.49 million shares changed hands on BSE and NSE.