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Indiabulls Real Estate rises after acquiring commercial land

Capital Market 

Indiabulls Real Estate gained 1.87% to Rs 245.50 at 11:40 IST on BSE after the company said that it has through its wholly-owned subsidiary, Ashkit Properties, acquired a prime commercial land at Gurugram.

The announcement was made after market hours yesterday, 11 September 2017.

Meanwhile, the S&P BSE Sensex was up 179.45 points or 0.56% at 32,061.61.

On the BSE, 3.17 lakh shares were traded on the counter so far as against the average daily volumes of 25.25 lakh shares in the past one quarter. The stock had hit a high of Rs 247.05 and a low of Rs 242.80 so far during the day. The stock had hit a 52-week high of Rs 269.50 on 7 August 2017. The stock had hit a 52-week low of Rs 57.05 on 22 November 2016.

The stock had outperformed the market over the past one month till 11 September 2017, gaining 7.04% compared with 2.14% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 36.51% as against Sensex's 1.98% rise. The scrip had also outperformed the market in past one year, jumping 172.93% as against Sensex's 10.71% rise.

The large-cap company has equity capital of Rs 94.93 crore. Face value per share is Rs 2.

Indiabulls Real Estate through its wholly-owned subsidiary, Ashkit Properties, has acquired a prime commercial land admeasuring 13,519 square meters on National Highway 8, Plot No 20, situated in Sector 18, Urban Estate, Gurugram.

The land is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity, and will be developed as a commercial complex with an expected leasable area of around 5 lakh square feet.

The construction of 5 lakh square feet of new office buildings is expected to finish by March 2019. This addition of new office space will further enhance the annuity revenue to Rs 1421 crores in FY 2020-21 from the rental properties portfolio of the company.

Indiabulls Real Estate's consolidated net profit rose 30.6% to Rs 152.57 crore on 23.4% rise in net sales to Rs 1076.82 crore in Q1 June 2017 over Q1 June 2016.

Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 12 2017. 12:24 IST