Indiabulls Securities surges on acquiring India Land and Properties

Indiabulls Securities jumped 7% to Rs 26.75 at 10:35 IST on BSE after the company said its wholly owned subsidiary, Indiabulls Distribution Services, acquired 100% of the share capital of India Land and Properties.

The company made the announcement after market hours yesterday, 19 November 2014.

Meanwhile, the S&P BSE Sensex was down 13.57 points or 0.05% at 28,019.28.

On BSE, so far 10.23 lakh shares were traded in the counter as against average daily volume of 1.69 lakh shares in the past one quarter.

The stock hit a high of Rs 27.60 and a low of Rs 25.60 so far during the day. The stock had hit a 52-week high of Rs 30.65 on 6 June 2014. The stock had hit a 52-week low of Rs 16.05 on 27 November 2013.

The stock had underperformed the market over the past one month till 19 November 2014, rising 4.6% compared with the Sensex's 7.37% rise. The scrip had also underperformed the market in past one quarter, gaining 1.83% as against Sensex's 6.1% rise.

The small-cap firm has an equity capital of Rs 52.16 crore. Face value per share is Rs 2.

Indiabulls Securities said that Indiabulls Distribution Services, a wholly owned subsidiary of the company has acquired 100% of the share capital of India Land and Properties for a consideration of Rs 600 crore. India Land and Properties owns a commercial complex of 3 towers with a total constructed area of 2.4 million Sq. ft and leasable area of 2 million Sq. ft. The total land area of the complex is over 10 acres.

Currently a portion of the towers are leased to RBS, Kone, Britannia Industries, Ajuba, Covenant, Telebuy, IBoxand others. The park has been designed in compliance to the National Building Codes by the internationally acclaimed Ms. ZAHA HADID, UK, "Laureate Pritzker" Prize Winner (2004). The building complex is renamed as One Indiabulls Park, Chennai, company said in a statement.

Indiabulls Securities' consolidated net profit rose 26.7% to Rs 30.53 crore on 27% rise in total income to Rs 91.69 crore in Q2 September 2014 over Q2 September 2013.

Indiabulls Securities is a part of Indiabulls Group and is one of India's leading capital markets companies providing securities broking and advisory services. Indiabulls Securities also provides depository services, equity research services to its clients and offers commodities trading through a separate company. These services are provided both through on-line and off-line distribution channels. Indiabulls Securities is a pioneer of on-line securities trading in India.

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