Shares of Indiabulls Housing Finance surged 4% in the morning trade on Thursday’s trade and among top gainers on the Nifty50. The stock extended rally in the opening trade after a media report said that the company decided to buyback all non-convertible debentures (NCDs) maturing in July and August aggregating to Rs2,285cr.
Meanwhile, the stock was under pressure over allegations of financial fraud made against the firm in a petition filed in the Supreme Court. However, the petitioner later withdrew the writ petition saying his signature was misused and he was not aware of the filing.
Indiabulls Housing Finance Ltd is currently trading at Rs583.55, up by Rs28.15 or 5.07% from its previous closing of Rs555.40 on the BSE. The scrip opened at Rs559 and has touched a high and low of Rs599 and Rs555.05 respectively.
Meanwhile, the financial index in the positive zone as buying interest seen in Indiabulls Housing, Indiabulls Ventures, Shriram Transport Finance and ICICI Prudential Life.
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