The shares of India’s one of the largest real estate companies gained 6 percent of Rs 79 apiece on early trade on Tuesday after the company’s board of directors appointed Mr. Atul Chandra as a Chief Operating Officer.
At 12:15 p.m., Indiabulls Real Estate Ltd shares were trading at Rs 77.25 a share on the National Stock Exchange, up Rs 2.86 or 3.83 percent from the previous close price.
According to the company exchange filing, The Board of Directors of Indiabulls Real Estate Ltd. has nominated and approved the appointment of Mr. Atul Chandra who serves as the Senior Vice President of the Company, as Chief Operating Officer (“COO”) of the Company effective today, August 28, 2023.
The company’s revenue has increased by 29 percent year on year, from Rs 151 crore in Q1FY23 to Rs 195 crore in Q1FY24. During the same period, Net loss has increased from Rs 51 crore to Rs 679 crore.
As per the latest shareholding pattern, Foreign institutional investors hold a 22.58 percent stake in the company while retail investors hold a 76.39 percent stake.
The share price of the company has increased 11 percent in the last month and 34 percent in the last six months.
Indiabulls Real Estate Ltd specializes in the development and construction of residential, commercial, and SEZ developments in Indian metropolises.
Written by Omkar Chitnis
