Home >Industry >Infrastructure >Indiabulls Real Estate posts 76 crore net loss in September quarter
Indiabulls Real Estate reported total expenses of  ₹128.52 crore for the period under review (Photo: Ramesh Pathania/Mint )
Indiabulls Real Estate reported total expenses of 128.52 crore for the period under review (Photo: Ramesh Pathania/Mint )

Indiabulls Real Estate posts 76 crore net loss in September quarter

  • Total income stood at 50.70 crore in the second quarter of this fiscal, against 1,101.90 crore in the year-ago period
  • The stock of Indiabulls Real Estate on Friday closed with over 9% gain after Rakesh Jhunjhunwala's Rare Enterprises acquired the company's shares

Indiabulls Real Estate on Friday reported a consolidated net loss of 76.01 crore for quarter ended 30 September. The company had posted a net profit of 301.11 crore for the corresponding quarter a year ago.

Total income stood at 50.70 crore in the second quarter of this fiscal, against 1,101.90 crore in the year-ago period. The company reported total expenses of 128.52 crore for the period under review compared to 773 crore in September quarter, 2019.

The nationwide lockdown in the wake of coronavirus outbreak has severely impacted the business in the September quarter. The operations are slowly and gradually resuming and expected to reach pre-COVID-19 level in due course of time, the company said in the regulatory filing.

During the quarter, the company approved the merger of NAM Estate Private Limited and Embassy One Commercial Property Development Private Limited.

The stock of Indiabulls Real Estate on Friday closed with over 9% gain after ace investor Rakesh Jhunjhunwala's Rare Enterprises acquired the company's shares through an open market transaction.

Following the move, the stock jumped 15.68% to 63.80 on BSE during the day. Finally, it closed the day at 60.15, a gain of 9.07%.

Rare Enterprises bought 50 lakh scrips of the company at an average price of 57.73 apiece, as per NSE's bulk deal data on Thursday. This took the total deal value to 28.86 crore.

As per another transaction, Morgan Stanley Asia (Singapore) Pte-Odi offloaded 75.8 lakh shares of Indiabulls Real Estate at 57.16 per scrip, valuing the deal at 43.32 crore.

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