Indiabulls Real Estate gains after strong Q2 earnings

Indiabulls Real Estate rose 2.27% to Rs 67.45 at 15:16 IST on BSE after consolidated net profit jumped 151.86% to Rs 81.20 crore on 31.64% growth in total income from operations to Rs 450.62 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced during trading hours today, 22 October 2013.

Meanwhile, the S&P BSE Sensex was down 27.32 points or 0.13% at 20,866.57.

The stock gained on heavy volumes. On BSE, 29.20 lakh shares were traded in the counter as against average daily volume of 9.46 lakh shares in the past one quarter.

The stock was volatile. The stock surged as much as 7.2% at the day's high of Rs 70.70 so far during the day. The stock lost as much as 0.3% at the day's low of Rs 65.75 so far during the day. The stock had hit a 52-week high of Rs 87.30 on 17 May 2013. The stock had hit a 52-week low of Rs 50.15 on 10 April 2013.

The stock had outperformed the market over the past one month till 21 October 2013, surging 10.47% compared with the Sensex's 3.11% rise. The scrip had, however, underperformed the market in past one quarter, sliding 9.1% as against Sensex's 3.69% rise.

The small-cap real estate company has equity capital of Rs 86.40 crore. Face value per share is Rs 2.

Indiabulls Real Estate's total saleable area under construction stood at 24.78 million square feet (msf) as on 30 September 2013.

The company's net debt stood at Rs 2048 crore as on 30 September 2013, as against Rs 1065 crore as on 30 June 2013.

Indiabulls Real Estate has projects spread across high-end offices and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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