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IB Real Estate, IB Ventures rally up to 10% on buyback plans

Shares of Indiabulls Ventures and Indiabulls Real Estate climbed up to 10 per cent in early trade on Wednesday after they informed bourses that the board will consider buyback of shares on October 11.

Indiabulls Ventures advanced as much as 9.96 per cent to Rs 109.85, while Indiabulls Real Estate rallied 5 per cent to Rs 43.10.

In a BSE filing, Indiabulls Ventures and Indiabulls Real Estate said that a meeting of the board of directors of the company will be held on Friday, October 11, 2019, to consider, the proposal of buyback of fully paid-up equity shares of the company.

Shares of Indiabulls Ventures have plunged over 75 per cent from their 52-week high of Rs 473.85 hit on October 17, 2018. Likewise, Indiabulls Real Estate also declined over 70 per cent from its 52-week high of Rs 151 scaled on June 7, 2019.

For the quarter ended June 2019, Indiabulls Real Estate reported a consolidated net loss of Rs 119.40 crore against a net profit of Rs 117.50 crore in the same period last year. On the other hand, Indiabulls Ventures posted 25.19 per cent YoY increase in consolidated net profit at Rs 109.80 crore in Q1FY19 over Rs 87.70 crore in the same period last year.
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