Indiabulls Real Estate hit an upper circuit limit of 5% at Rs 43.40 after the company said its board approved buyback of equity shares.
The board of directors of Indiabulls Real Estate approved a proposal to buyback upto 5 crore fully paid-up equity shares, or 11% equity, at Rs 100 each. The total buyback size is Rs 500 crore.
The stock is currently trading 56.60% discount to the buyback price.
The announcement was made during market hours today, 11 October 2019.
Meanwhile, the S&P BSE Sensex was up 171 points or 0.45% to 38051.13.
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On the BSE, 3.14 lakh shares were traded in the counter so far compared with average daily volumes of 4.95 lakh shares in the past two weeks. The stock hit a high of Rs 43.4 and a low of Rs 41.35 so far during the day.
The stock hit a 52-week high of Rs 151 on 07 Jun 2019. The stock hit a 52-week low of Rs 38 on 07 Oct 2019.
On a consolidated basis, the real estate company reported a net loss of Rs 51.86 crore in Q1 June 2019 over a net profit of Rs 117.49 crore in Q1 June 2018. Net sales rose 3.2% to Rs 836.58 crore in Q1 June 2019 over Q1 June 2018.
Indiabulls Real Estate focuses on construction and development of residential, commercial and SEZ projects across major Indian metros.
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