Indiabulls Real Estate rose 2.91% to Rs 263.05 at 09:45 IST on BSE after the company entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building in Gurugram.
The announcement was made after market hours yesterday, 11 January 2018.Meanwhile, the S&P BSE Sensex was up 100.44 points or 0.29% at 34,603.93.
On the BSE, 4 lakh shares were traded on the counter so far as against the average daily volumes of 12.22 lakh shares in the past one quarter. The stock had hit a high of Rs 263.85 and a low of Rs 258 so far during the day. The stock had hit a 52-week high of Rs 269.50 on 7 August 2017 and a 52-week low of Rs 74.60 on 1 February 2017.
The large-cap company has equity capital of Rs 94.93 crore. Face value per share is Rs 2.
Indiabulls Real Estate said that the company through its wholly-owned subsidiary, Yashita Buildcon, has on 11 January 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. The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of the building is expected to be received.
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With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1450 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate.
Indiabulls Real Estate's consolidated net profit fell 30.3% to Rs 93.90 crore on 1.5% growth in net sales to Rs 721.58 crore in Q2 September 2017 over Q2 September 2016.
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.
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