Indiabulls Securities retracts from 52-week high

Indiabulls Securities lost 2.59% to Rs 20.65 at 12:30 IST on BSE, with the stock sliding on profit booking after the firm said its board has allotted 5.82 crore warrants convertible into equivalent number of equity shares to promoter group entities.

The announcement was made after market hours on Monday, 2 December 2013.

Meanwhile, the S&P BSE Sensex was down 40.78 points or 0.2% at 20,857.23.

On BSE, 4.57 lakh shares were traded in the counter as against average daily volume of 4.23 lakh shares in the past two weeks.

The stock hit a high of Rs 22 so far during the day, which is also its 52-week high for the counter. The stock hit a low of Rs 20.35 so far during the day.

Shares of Indiabulls Securities had rallied 31.67% in three trading sessions to settle at Rs 21.20 on Monday, 2 December 2013 from a recent low of Rs 16.10 on 27 November 2013.

The promoters held 43.93% stake in Indiabulls Securities (as per the shareholding pattern as on 30 September 2013).

Indiabulls Securities' consolidated net profit surged 100.5% to Rs 24.10 crore on 52.4% growth in total income to Rs 72.19 crore in Q2 September 2013 over Q2 September 2012.

Indiabulls Securities is engaged in securities brokerage. The company provides wide range of services to its clients in securities brokerage including equities, commodities, wholesale debt, futures and options, depositary services, research services, insurance, IPO and mutual fund distribution.

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