Indiabulls group shares rally up to 4%, Indiabulls Housing Finance among top 2 gainers on Nifty

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Published: March 21, 2018 11:20 AM

Shares of all the three companies of Indiabulls group rallied up to 4% on Wednesday with the blue-chip stock of Indiabulls Housing Finance among the top two gainers on the Nifty 50 index.

Earlier yesterday, Indiabulls Housing Finance had an investor meeting with Fidelity International at Mumbai. (Image: Reuters)

Shares of all the three companies of Indiabulls group rallied up to 4% on Wednesday with the blue-chip stock of Indiabulls Housing Finance among the top two gainers on the Nifty 50 index. Shares of Indiabulls Housing Finance Ltd were among the leaders on the wider share indicator Nifty 50 rising as much as 3.81% to a day’s high of 1,244 on NSE followed by Indiabulls Real Estate Ltd and Indiabulls Ventures Ltd. A broader rally was observed in the Indian stock markets as 41 out of the 50 components of benchmark Nifty 50 index traded in green. On Wednesday, Indian equities traded under a tightened volatility, as India Vix, the volatility indicator on NSE, dropped as much as 20.6% to a day’s low of 12.3925 on Wednesday.

Shares of other two Indiabulls group companies which also surged includes the real estate and broking arms. The stock of Indiabulls Real Estate advanced 3.48% to a day’s high of Rs 206.4 while the stock of Indiabulls Ventures rose 2.06% to a day’s peak of Rs 257.35 on Wednesday.

Earlier yesterday, Indiabulls Housing Finance had an investor meeting with Fidelity International at Mumbai. On Tuesday only, Indiabulls Housing Finance allotted the secured, redeemable, non-convertible debentures on a private placement basis aggregating to Rs 500 crore. It was the eleventh tranche of the company’s proposal to raise as much as Rs 24,000 crore debt securities via private placement.

With the very recent allotment of debt securities, Indiabulls Housing Finance has issued 5,000 secured, redeemable, non-convertible debentures with a coupon rate of 7.92% p.a. and date of maturity of one year and one day, i.e., 21 March 2019. At the date of redemption, Rs 1,079,416.99 will be payable to the allottees. The debentures have a face value of Rs 10,00,000 each and are proposed to be listed on BSE and NSE.

Meanwhile today, Indian stock markets extended the morning gains with Sensex rallying 345 points to a day’s top of 33,341.74 led by an uptick in the shares of Bharti Airtel, NTPC, Yes Bank, Axis Bank, State Bank of India, HDFC, Maruti Suzuki, Kotak Mahindra Bank, ONGC, L&T, Reliance Industries, M&M and Infosys.

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