Indiabulls Real Estate jumped 11.70% to Rs 61.60, extending gains for the second day after ace investor Rakesh Jhunjhunwala's Rare Enterprises acquired the company's shares through bulk deal on Thursday.
The stock has added 27.7% in two sessions from its recent closing low of Rs 48.25 on 11 November 2020.
On Thursday, 12 November 2020, Rakesh Jhunjhunwala's Rare Enterprises bought 50 lakh shares, or 1.09% equity, of Indiabulls Real Estate through a bulk deal on the NSE at an average price of Rs 57.73.
Morgan Stanley Asia (Singapore) sold 75.80 lakh shares of the company at an average price of Rs 57.16 on the same day. It held 3.70% stake or 1.67 crore shares of Indiabulls Real Estate as on 30 September 2020.
Indiabulls Real Estate will announce its September quarter earnings today. It had reported a consolidated net loss of Rs 94.56 crore in Q1 June 2020, lower than net loss of Rs 119.37 crore in Q1 June 2019. Net sales slumped 94.3% year-on-year (YoY) to Rs 47.86 crore during the quarter.
Indiabulls Real Estate is engaged in the development of real estate projects and allied activities.
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