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Investors are piling into FAANG shorts as US stocks continue to breach new records, with the Nasdaq Composite Index surging above 8,000 for the first time Tuesday.

Indiabulls Real Estate jumps 16% as Jhunjhunwala’s Rare Enterprises buys stake

  • According to the bulk deal data available with the NSE, global financial services major Morgan Stanley offloaded 7.58 million shares or 0.95% of equity of Indiabulls Real Estate at 57.16 apiece for 43.33 crore

MUMBAI: Shares of Indiabulls Real Estate Ltd jumped 15.7% as Rakesh Jhunjhunwala’s Rare Enterprises has bought 5 million shares of the company in an open market transaction.

At 1205 pm, the Indiabulls Real Estate stock traded 11.5% higher at 61.45 on the NSE while the Nifty was down a tad from its previous close.

On Thursday, Jhunjhunwala-promoted Rare Enterprises bought 5 million shares of Indiabulls Real Estate at an average of 57.73 apiece totalling 28.9 crore.

According to the bulk deal data available with the NSE, global financial services major Morgan Stanley offloaded 7.58 million shares or 0.95% of equity of Indiabulls Real Estate at 57.16 apiece for 43.33 crore.

At the end of the September quarter, Morgan Stanley Asia (Singapore) held 1,67,96,783 shares or 3.62% stake in the company.

The Indiabulls Real Estate stock has surged 27.4% over the last one month compared to a 12.3% gain in S&P BSE Realty Index index.

The company is scheduled to announce its September quarter earnings later today.

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