IB Real Estate gains 2.5% on better Q3 results
23rd January 2013 01:18 PM
Indiabulls Real Estate, one of the largest real estate company in India, gained on Wednesday after the reporting better-than-expected results.On Tuesday, the company reportedprofit stood at Rs 522 million for third quarter of current financial year, up by 24.88% from Rs 418million in the same period last year. While total incomedroppedto Rs 3.51 billion in Dec. 31, 2012 compared to Rs 3.77billion for the same quarter previous year.
Global investment firm JP Morgan said they are overweight on the stock with a target price of Rs 110. Shares ofthe companyare trading at Rs 78.35, up Rs 1.9, or 2.49% at the Bombay Stock Exchange (BSE) on Wednesday at 11:49 a.m.The scrip has touched an intra-day high of Rs 79.05 and low of Rs 77.30. The total volume of shares traded at the BSE is 673,776.In the earlier session, the shares lost 4.5%, or Rs 3.6, at Rs 76.45. Currently, the stock is trading down 6.62% from its 52-week high of Rs 83.90 and above 87.66% over the 52-week low of Rs 41.75.Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 78.00 (1.55) (1.99) 1 Month 71.30 5.15 7.22 3 Months 60.80 15.65 25.74 6 Months 53.45 23.00 43.03 1 Year 64.65 11.80 18.25 Note: Based on previous day closing price.
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