Indiabulls Real Estate jumped 39.16% to Rs 147.30 at 15:14 IST on BSE after the company said its board considered various proposals for restructuring the business.
The announcement was made during market hours today, 17 April 2017.Meanwhile, the S&P BSE Sensex was down 52.95 points or 0.18% at 29,408.50. The S&P BSE Mid-Cap index was up 34.28 points or 0.24% at 14,385.24.
Huge volumes were witnessed on the counter. On the BSE, 2.17 crore shares were traded on the counter so far as against the average daily volumes of 10.58 lakh shares in the past one quarter. The stock had hit a high of Rs 150.90 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 103.65 so far during the day.
The stock had hit a 52-week low of Rs 54.10 on 18 April 2016. It had outperformed the market over the past one month till 13 April 2017, surging 34.93% compared with the Sensex's 1.78% rise. The scrip had also outperformed the market over the past one quarter, gaining 34.33% as against the Sensex's 8.16% rise.
The mid-cap company has equity capital of Rs 95.68 crore. Face value per share is Rs 2.
Indiabulls Real Estates' board considered the possibility of streamlining its existing 'residential', 'commercial' and 'leasing' businesses by segregating 'commercial & leasing' business carried on by itself and/or through its special purpose vehicles (SPVs) and vesting the same into 'Indiabulls Commercial Assets (ICAL) and restructuring/reorganizing its businesses.
The restructuring could be done either (i) by restructuring by way of placing ICAL as a separate holding company under the company to hold its assets and investments relating to 'commercial & leasing' business segment and to undertake the business & operations of 'commercial & leasing' business segment and/or explore opportunities to bring in strategic investments; or (ii) by reorganizing its existing businesses by way of a demerger of the undertakings, business, activities & operations pertaining to its commercial & leasing business segments.
On a consolidated basis, Indiabulls Real Estate's net profit fell 13.7% to Rs 58.58 crore on 58.8% decline in net sales to Rs 291.21 crore in Q3 December 2016 over Q3 December 2015.
Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
