Indiabulls Ventures drops after recent rally

Indiabulls Ventures fell 2.76% to Rs 68.70 at 11:45 IST on BSE on profit booking after surging 55.96% in the preceding ten trading sessions to settle at Rs 70.65 on 7 April 2017, from its close of Rs 45.30 on 23 March 2017.

The announcement was made after market hours on Friday, 7 April 2017.

Meanwhile, the S&P BSE Sensex was up 25.89 points, or 0.09% at 29,732.50. The S&P BSE Small-Cap index was up 121.28 points, or 0.83% at 14,802.70.

On the BSE, 13.64 lakh shares were traded on the counter so far as against the average daily volumes of 10.48 lakh shares in the past one quarter. The stock hit a high of Rs 74.15 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 67.15 so far during the day. The stock had hit a 52-week low of Rs 14.55 on 9 May 2016.

The stock had outperformed the market over the past one month till 7 April 2017, surging 94.36% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, galloping 225.58% as against Sensex's 11.01% rise.

The small-cap company has equity capital of Rs 64.04 crore. Face value per share is Rs 2.

Indiabulls Ventures' board of directors at its meeting held on 7 April 2017, approved preferential offer and issue of 3.88 crore equity shares at Rs 58.40 per share to Cinnamon Capital, a foreign portfolio investor. The total equity investment by Cinnamon Capital would aggregate to Rs 226.97 crore. The issue of shares is to augment long-term resources of the company for meeting funding requirements for business purposes, Indiabulls Ventures said.

Indiabulls Ventures' consolidated net profit fell 54.1% to Rs 10.59 crore on 9.6% decline in total income from operation to Rs 96.93 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Ventures (Formerly known as Indiabulls Securities) is one of the leading company in the segment of Capital Market and Real Estate marketing and distribution.

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