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Indiabulls Real Estate rises after announcing acquisition of commercial building

Capital Market 

Real Estate rose 2.91% to Rs 263.05 at 09:45 on 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 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.

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.

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 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 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 12 2018. 09:54 IST
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