Indiabulls Real Estate stock surges in the morning hours, over 3%
Indiabulls Real Estate has been the stock in focus since it had come up with come restructuring plans. The stock attracted huge volumes in the first few minutes of the morning hours on Thursday. The stock witnessed traded volume of 50,86,699 shares and traded value of Rs 34.16 Cr as of 0933 hours on NSE.
On BSE, the stock touched its intraday high of Rs 142.5 per share, higher by 3.7% in the first trading hour on Thursday.
If the percentage of deliverable quantity to traded quantity is taken into consideration, then it only averages to around 10% in past three trading sessions. Therefore, there seem to be higher intraday trades in the stock rather than long delivery.
Recently, the board of the company considered the possibility of streamlining the company’s existing ‘residential’, ‘commercial’ and ‘leasing’ businesses by segregating the ‘commercial and leasing’ business segment.
The restructuring at the company would help it to concentrate on the key business segments individually. This will also help the company to improve its competitive advantage in the real estate sector in the country.
Indiabulls Real Estate Ltd is currently trading at Rs 140.05, up by Rs 2.75 or 2% from its previous closing of Rs 137.3 on the BSE.
The scrip opened at Rs 137.9 and has touched a high and low of Rs 142.5 and Rs 136.15 respectively. So far 8045599(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6568.63 crore.
The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 155 on 18-Apr-2017 and a 52 week low of Rs 54.95 on 25-Apr-2016. Last one week high and low of the scrip stood at Rs 155 and Rs 99.4 respectively.
The promoters holding in the company stood at 50.3 % while Institutions and Non-Institutions held 21.49 % and 28.12 % respectively.
The stock is currently trading above its 50 DMA.