Indiabulls Real Estate declines as its net debt surges 67% to Rs 5,083 crore in Q2FY15

Indiabulls Real Estate is currently trading at Rs. 83.25, down by 1.40 points or 1.65% from its previous closing of Rs. 84.65 on the BSE. The scrip opened at Rs. 84.10 and has touched a high and low of Rs. 84.55 and Rs. 83.05 respectively. So far 153167 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 109.45 on 04-Jun-2014 and a 52 week low of Rs. 45.10 on 26-Feb-2014. Last one week high and low of the scrip stood at Rs. 85.55 and Rs. 75.35 respectively. The current market cap of the company is Rs. 3577.43 crore. The promoters holding in the company stood at 37.74% while Institutions and Non-Institutions held 30.22% and 31.93% respectively. Indiabulls Real Estate’s net debt has increased by 67% to Rs 5,083 crore at the end of the second quarter of the current fiscal from Rs 3,051 crore at the end of June quarter, mainly due to acquisition of prime property in Central London. Mumbai-based developer entered the London market with acquisition of 22, Hanover Square in Mayfair, Central London, a 87,444 sq ft commercial property, for Rs 1,630 crore. Recently, the company reported 54% decline in its consolidated net profit to Rs 37.34 crore for the quarter ended September 30, from Rs 81.21 crore in the year-ago period. However, the company’s total income increased by 60.09% at Rs 753.63 crore for the quarter from Rs 470.76 crore in the similar quarter of previous year.