Indiabulls Financial up on NTC realty buy

DALAL STREET SPIKES

Indiabulls Financial Services spurted over 5 per cent in intra-day trades after its subsidiary acquired an NTC mill for a whopping Rs 441 crore.

India Bulls Property bought the Elphinstone property put on the block by NTC for Rs 441 crore among stiff competition. The stock of Indiabulls hit the day's high of Rs 188.75, before closing at Rs 184.05, up 4.54 per cent from its previous close.

India Bulls Property is a JV between the Indiabulls Group and Faralon Capital. India Bulls property had in March this year bought Jupiter Mills for Rs 276 crore at the rate of Rs 4,200 per sq ft.