Indiabulls Housing Finance up 3% after Q1 nos; other group stocks gain too

Earlier this month, the company named S S Mundra, former deputy governor of Reserve Bank of India as the non-executive chairman.
Shares of Indiabulls Housing Finance gained over 3 per cent on Monday after the company declared its financial results for the quarter ended June 2020 (Q1FY21). 

At 10:24 AM, the stock was trading nearly 1.5 per cent higher at Rs 206.10 on the BSE. It hit a high of Rs 209.75 in the early trade.  In comparison, the S&P BSE Sensex was trading over 0.5 per cent higher at 38,636.55 levels. 

For the quarter under review, Indiabulls Housing Finance reported a 65.9 per cent fall in its consolidated net profit at Rs 272.84 crore against Rs 801.53 crore profit in June 2019 quarter.

Total revenue from operations stood at Rs 2,574.59 crore, down 33.7 per cent against Rs 3,884.99 crore in the year-ago period.

Basic earnings per share (EPS) came in at Rs 6.51 against Rs 18.75 in the corresponding quarter of the previous fiscal. 

Earlier this month, the company named S S Mundra, former deputy governor of Reserve Bank of India and an independent director on the board as the non-executive chairman after Sameer Gehlaut stepped down from the post with immediate effect. READ MORE

Other Indiabulls Group stocks were also trading in the green. For instance, Indiabulls Ventures was up over 9 per cent at Rs 197 while Indiabulls Integrated Services was frozen at 5 per cent upper circuit band at Rs 48.40. Indiabulls Real Estate, on the other hand, was trading flat at Rs 70.60, up 0.14 per cent.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel