Real Estate

Indiabulls Real Estate extends gains, jumps 6%


NEW DELHI: Shares of Indiabulls Real EstateNSE 1.70 %jumped 6 per cent in morning trade on Thursday and looked on course to extend their gains to the second consecutive session.

The scrip logged a robust gain of 10 per cent on Wednesday after the company said it will sell its London property to promoters for GBP 200 million (approximately Rs 1,800 crore) as part of its strategy to focus on its India business and cut debt.

Meanwhile, ET reported on Wednesday that the Indiabulls Group is believed to have sounded out joint venture partner Blackstone and other leading players such as Godrej Properties to offload its stake in Indiabulls Real Estate (IBREL).

The company, in a BSE filing on the same day that it would not comment on speculations.

“The company has been engaged in its business re-organization exercise for quite some time in the past and have been keeping the exchanges informed on such related developments, if any,” it said, adding that it did not want to comment on speculations with respect to such discussions.

Shares of Indiabulls Real Estate closed 6.49 per cent higher at Rs 123.90 on BSE.