Indiabulls Ventures hits 52-week high

Indiabulls Ventures was locked at 5% upper circuit at Rs 64.15 at 10:14 IST on BSE after the company said its board will meet on 7 April 2017, to consider and approve preferential issue of equity shares of the company.

The announcement was made after market hours on Monday, 3 April 2017.

Meanwhile, the S&P Sensex was down 28.67 points, or 0.1% at 29,881.55. The S&P BSE Small-cap index was up 110.74 points, or 0.76% at 14,730.97.

On the BSE, 74,000 shares were traded on the counter so far as against the average daily volumes of 9.88 lakh shares in the past one quarter. The stock opened with an upward gap of 5% at Rs 64.15, which is also its 52-week high and remained stuck at that level so far.

The stock had hit a 52-week low of Rs 13.10 on 5 April 2016. The stock had outperformed the market over the past one month till 3 April 2017, advancing 69.96% compared with the Sensex's 3.74% rise. The scrip had also outperformed the market over the past one quarter advancing 182.22% as against the Sensex's 12.26% rise.

The small-cap company has equity capital of Rs 64.04 crore. Face value per share is Rs 2.

Indiabulls Ventures said that a meeting of the board of directors of the company is scheduled on Friday, 7 April 2017, to consider and approve preferential issue of equity shares of the company, to certain foreign investors.

Indiabulls Ventures' consolidated net profit fell 54.1% to Rs 10.59 crore on 9.6% decline in total income from operation to Rs 96.93 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Ventures (Formerly Indiabulls Securities) is one of India's leading capital markets companies providing securities broking and advisory services. Indiabulls Ventures also provides depository services, equity research services to its clients and offers commodities trading through a separate company. These services are provided both through on-line and off-line distribution channels.

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