Shares of Indiabulls Real Estate surged significantly, reaching over 22% to Rs 131.15 on the Bombay Stock Exchange (BSE) on Tuesday. Simultaneously, Indiabulls Financial Services saw an impressive climb of over 7%, reaching Rs 105.60. This surge occurred following the company's assurance that it does not have any non-performing loans (NPLs) within its portfolio.
The financial services company reported a noteworthy net profit growth of 21.4% to Rs 136 crore for the second quarter ended September. Additionally, the company stated it does not plan to expand its loan portfolio from the current Rs 11,000 crore, given the adverse market conditions.
During the July-September period, Indiabulls experienced loan repayments amounting to Rs 2,000 crore. Director Gagan Banga confirmed that the company did not encounter any issues with large-ticket loans.
Brokers have noted that market sentiment has improved due to positive moves taken by central banks to address the liquidity crisis. This has boosted both financial and realty stocks. The Realty Index on the BSE was up by 7%, while Bankex saw a rise of 4% in afternoon trading.