Indiabulls Real Estate gains after entering into a pact for development of a plot in Mumbai

Indiabulls Real Estate rose 1.91% to Rs 98.85 at 10:42 IST on BSE after a wholly-owned subsidiary of the company entered into a joint development agreement with Oricon Properties for development of a 7,810 square meters plot at Worli in Mumbai.

Shares of Oricon Enterprises were down 1.37% at Rs 64.60. The announcement was made after market hours on Friday, 3 June 2016.

Meanwhile, the S&P BSE Sensex was up 17.91 points or 0.07% at 26,860.94.

On BSE, so far 4.73 lakh shares were traded in the Indiabulls Real Estate counter as against average daily volume of 18.81 lakh shares in the past one quarter. The stock hit a high of Rs 100.20 and a low of Rs 96.65 so far during the day. The stock had hit a 52-week high of Rs 105.25 on 30 May 2016. The stock had hit a 52-week low of Rs 41 on 18 June 2015. The stock had outperformed the market over the past one month till 3 June 2016, advancing 39.07% compared with Sensex's 6.39% rise. The scrip had also outperformed the market in past one quarter, gaining 89.27% as against Sensex's 9.09% rise.

The mid-cap company has equity capital of Rs 101.13 crore. Face value per share is Rs 2.

Oricon Properties is a wholly-owned subsidiary of Oricon Enterprises.

On consolidated basis, Indiabulls Real Estate's net profit fell 36.7% to Rs 58.91 crore on 4.5% growth in net sales to Rs 617.69 crore in Q4 March 2016 over Q4 March 2015.

Indiabulls Real Estate is one of the largest real estate development companies in India with development projects spread across high-end office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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