Indiabulls Housing gains after Sameer Gehlaut hikes stake

Indiabulls Housing Finance rose 3.06% to Rs 99.05 after the company's promoter Sameer Gehlaut on Tuesday (31 March) bought 24 lakh shares or 0.56% stake in the company at Rs 96 each on the NSE.

On 26 March 2020, Sameer Gehlaut purchased 23 lakh shares (0.54% equity) of the company at Rs 97 each. On 20 March 2020, Sameer Gehlaut bought 35 lakh shares (0.82% equity) of the firm at Rs 98.56 each. Both the transactions took place on the NSE.

As on 31 December 2019, Sameer Gehlaut held 0.12% stake in the company.

The scrip extended gains for third day. The stock has added 9.03% in three sessions from a recent closing low of Rs 90.85 recorded on 27 March 2020.

Indiabulls Housing Finance's primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.

The company's consolidated net profit fell 44% to Rs 551.70 crore on a 24.7% decline in total income to Rs 3369.76 crore in Q3 December 2019 over Q3 December 2018.

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