Indiabulls Real Estate surges 22%

Shares of Indiabulls Real Estate surged over 22% to Rs 131.15 on BSE Tuesday, while Indiabulls Financial Services climbed over 7% to Rs 105.60 after the company assured of not having any non-performing loan in its portfolio.

The financial services company reported a net profit growth of 21.4% to Rs 136 crore for the second quarter ended September and said that it does not plan to expand its loan portfolio from the current Rs 11,000 crore due to adverse market conditions.

The company saw loan repayments of Rs 2,000 crore during July-September and did not face any problems with large-ticket loans, Director Gagan Banga said.

Brokers said market sentiment has improved on positive move taken by the central banks to ease liquidity crisis that boosted the financial and realty stocks. Realty index of BSE was up 7%, while Bankex was up 4% in afternoon trading.