Indiabulls Integrated Services hits the roof

Indiabulls Integrated Services hit an upper circuit limit of 5% at Rs 332.05 at 14:03 IST on BSE after the company said its subsidiary received regulatory approval for life insurance business.

The announcement was made after market hours yesterday, 15 January 2019.

Meanwhile, the S&P BSE Sensex was down 16.96 points, or 0.05% to 36,301.37.

On the BSE, 45,000 shares were traded in the counter so far compared with average daily volumes of 18,000 shares in the past two weeks. The stock had hit a low of Rs 327.75 in intraday trade. The stock hit a 52-week high of Rs 785 on 11 September 2018. The stock hit a 52-week low of Rs 185.40 on 22 January 2018.

Indiabulls Integrated Services announced that its wholly-owned subsidiary, Indiabulls Life Insurance Company, has received regulatory R1 acceptance from Insurance Regulatory and Development Authority of India (IRDAI) for its proposed life insurance business. The company is in the process of putting in place the necessary systems and move ahead with the next step of filing its application for registration (R2) with IRDAI to undertake life insurance business in India.

On a consolidated basis, Indiabulls Integrated Services reported net profit of Rs 2.12 crore in Q2 September 2018 compard with net loss of Rs 18.85 crore in Q2 September 2017. Net sales rose 3.74% to Rs 44.35 crore in Q2 September 2018 over Q2 September 2017.

Indiabulls Integrated Services (formerly SORIL Holdings and Ventures) directly and through its subsidiaries, is primarily engaged in the businesses of real estate development, providing management and maintenance services, construction advisory and other related services, charter business of aircraft, trade in all kinds of sculptures, paintings and art graphics etc.

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