 "IBREL hits 52-week high after 7.9 mn shares change hands in large deals")
Shares of Indiabull Real Estate (IBREL) surged up to 5.1 per cent, hitting its 52-week high at Rs 162.9 per share on the NSE in Friday’s early morning deals. This came after around 9.9 million shares of the company changed hands on the NSE on Thursday.
Porinju Veliyath's Equity Intelligence India acquired 3.3 million shares of the company in a bulk deal at an average price of Rs 151.28, amounting to Rs 49.92 crore. In a separate bulk deal Graviton Research Capital bought around 4.6 million shares worth Rs 68.2 crore at Rs 148.30 per share.
On Thursday, the company also announced that it has officially changed its name from ‘Indiabulls Real Estate Limited’ to ‘Equinox India Developments Limited’ with effect from June 20, 2024.
“The Company shall be submitting requisite applications with the BSE and National Stock Exchange of India, for effecting change of name and trading in the shares of the Company in its new name with its new symbol,” the company said in an exchange filing.
For the fiscal year 2023-24, Indiabulls Real Estate reported a widened consolidated net loss of Rs 1,038.65 crore against a net loss of Rs 608.38 crore in the previous fiscal year. The company's total income declined to Rs 468.75 crore in FY24 from Rs 648.47 crore in the preceding year.
In the March quarter of FY24, IBREL's net loss narrowed to Rs 302 crore, improving from Rs 375.99 crore in the same period last year. Quarterly total income also decreased to Rs 39.54 crore from Rs 132.91 crore in the corresponding period of the previous year.
At 10:56 AM; the stock of the company pared most of its gains and was trading 1.29 per cent higher at Rs 156.93 per share on the NSE. In comparison, the NSE Nifty50 fell 0.13 per cent.