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Indiabulls Ventures rises after unit reports strong loan disbursement

Capital Market 

Indiabulls Ventures was up 2.05% to Rs 283.20 at 10:25 IST on the BSE after Indiabulls Consumer Finance reported 88% quarter-on-quarter growth in loan disbursement.

The announcement was made after market hours yesterday, 2 July 2019.

Meanwhile, the S&P BSE Sensex was down by 11.36 points, or 0.03% to 39,805.12.

On the BSE, 22,000 shares were traded in the counter so far compared with average daily volumes of 1.69 lakh shares in the past two weeks. The stock had hit a high of Rs 283.95 and a low of Rs 274.70 so far during the day. It hit a 52-week high of Rs 819.95 on 28 August 2018 and a 52-week low of Rs 208.75 on 19 June 2019.

Indiabulls Ventures said its wholly-owned subsidiary, Indiabulls Consumer Finance, disbursed 9.2 lakh loans in Q1 June 2019 compared with 4.9 lakh loans in Q4 March 2019 and 0.6 lakh loans in Q1 June 2018, depicting a quarter on quarter growth of 88% and year on year growth of 1384%.

On a consolidated basis, Indiabulls Ventures' net profit rose 100.2% to Rs 109.82 crore on a 55.6% rise in the total income to Rs 600.16 crore in Q4 March 2019 over Q4 March 2018.

Indiabulls Ventures is one of India's leading capital market companies providing securities and derivative broking services.

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

First Published: Wed, July 03 2019. 10:32 IST