 "Branded realty beats the slowdown")
Indiabulls Real Estate surged 7% to Rs 91, extending its over 50% rally in past 13 trading sessions on the National Stock Exchange (NSE) after the foreign investor bought stake in the company via open market.
The stock of Mumbai-based real estate developer is currently trading at its 52-week high. Since April 27, it rallied 60% from Rs 57 as compared to 1% fall in the Nifty 50 index.
The foreign institutional investors had purchased 11.4 million equity shares of Indiabulls Real Estate for Rs 72 crore through open market.
On April 28, 2016 Tree Line Asia Master Fdsingpte L bought 6.4 million shares of Indiabulls Real Estate at Rs 63.38 per share on the NSE. Also, UBS A/C Swiss Finance Corporation (Mauritius) Limited bought 5 million shares of the company at Rs 62.32 per share on the NSE, the bulk deal data shows.
Meanwhile, the company's Ebitda (earnings before interest, taxes, depreciation and amortization) profit, excluding non operating income, surged 37% at Rs 176 crore for the fourth quarter ended March 2016 (Q4FY16), while Ebitda margins were up 26.3% against 21.3% in Q4FY15.
According to Motilal Oswal Securities, with strong asset based, paid land bank and visibility of cash flow, Indiabulls Real Estate should be a key beneficiary of demand recovery cycle.
The stock of Mumbai-based real estate developer is currently trading at its 52-week high. Since April 27, it rallied 60% from Rs 57 as compared to 1% fall in the Nifty 50 index.
The foreign institutional investors had purchased 11.4 million equity shares of Indiabulls Real Estate for Rs 72 crore through open market.
On April 28, 2016 Tree Line Asia Master Fdsingpte L bought 6.4 million shares of Indiabulls Real Estate at Rs 63.38 per share on the NSE. Also, UBS A/C Swiss Finance Corporation (Mauritius) Limited bought 5 million shares of the company at Rs 62.32 per share on the NSE, the bulk deal data shows.
Meanwhile, the company's Ebitda (earnings before interest, taxes, depreciation and amortization) profit, excluding non operating income, surged 37% at Rs 176 crore for the fourth quarter ended March 2016 (Q4FY16), while Ebitda margins were up 26.3% against 21.3% in Q4FY15.
According to Motilal Oswal Securities, with strong asset based, paid land bank and visibility of cash flow, Indiabulls Real Estate should be a key beneficiary of demand recovery cycle.
