Indiabulls Real Estate extends gains on acquisition of commercial building

The stock up 3% at Rs 263 on BSE has outperformed the market by gaining 22% against 2.3% rise in the S&P BSE Sensex in past eight trading days

Indiabulls Real Estate was up 3% to Rs 263 on BSE after the company entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building in Gurugram. The stock is trading close to its 52-week high of Rs 270 touched on August 7, 2017 in intra-day deal.

“The company through its wholly-owned subsidiary, Yashita Buildcon, has on January 11, 2018, entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approx 2.5 lac sq ft in Gurugram,” Indiabulls Real Estate said in a statement.