Here's why Indiabulls Housing Finance shares jumped 13% today
The shares hit a 52-week high of Rs 313.50 on June 16, 2021, and 52 week low of Rs 130.20 on March 08, 2022.
- Mar 15, 2022,
- Updated Mar 15, 2022 11:49 AM IST
Shares of Indiabulls Housing Finance on Tuesday jumped 13 per cent to hit an intraday high of Rs 169.50 on BSE after the company informed the stock exchanges that Sameer Gehlaut has resigned from the company's Non-Executive Director post with immediate effect. The stock opened a tad higher at Rs 154 against the previous close of Rs 150.30 on BSE. With a market capitalisation of more than Rs 7,500 crore, the shares stand higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. The shares hit a 52-week high of Rs 313.50 on June 16, 2021, and 52 week low of Rs 130.20 on March 08, 2022. The stock has delivered 20 per cent return in the last one week. "l had through my Promoter Companies, recently sold 11.9 per cent stake in it and now owns 9.71 per cent which I intend to hold as its Public Shareholder to participate in its future growth story," Gehlaut stated in his letter. Gehlaut will also be resigning from the Board of the Company by the end of the current financial year, March 31, 2022.
"The departure of it's non-executive Director doesn't seems to have any influence on the already stable business operations of Indiabulls. As per the company also, the outgoing promoters are not involved in the daily activities of the Company and are not associated with the business of the Company, in any manner. The stock is in bullish trend on technical setup and may go upto Rs 175 levels in near term," Dr. Ravi Singh-Vice President and Head of Research ShareIndia told Business Today. Recently, the Enforcement Directorate (ED) conducted raid at Indiabulls Finance Centre in Mumbai. The raid was conducted by a joint team from ED Delhi and Mumbai, India Today reported. The ED had registered a case against Indiabulls Housing Finance and its promoters in April 2021. The raids were conducted as part of Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing Finance promoter Sameer Gehlaut and some other related companies and individuals.
The case was registered on the basis of an FIR filed in Palghar which said that Indiabulls Housing Finance siphoned money and invested it in its own shares for increasing the prices. The complainant mentioned the real estate companies which had taken loans from Indiabulls Housing Finance and routed money back into its shares in the FIR, India Today said.
Shares of Indiabulls Housing Finance on Tuesday jumped 13 per cent to hit an intraday high of Rs 169.50 on BSE after the company informed the stock exchanges that Sameer Gehlaut has resigned from the company's Non-Executive Director post with immediate effect. The stock opened a tad higher at Rs 154 against the previous close of Rs 150.30 on BSE. With a market capitalisation of more than Rs 7,500 crore, the shares stand higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. The shares hit a 52-week high of Rs 313.50 on June 16, 2021, and 52 week low of Rs 130.20 on March 08, 2022. The stock has delivered 20 per cent return in the last one week. "l had through my Promoter Companies, recently sold 11.9 per cent stake in it and now owns 9.71 per cent which I intend to hold as its Public Shareholder to participate in its future growth story," Gehlaut stated in his letter. Gehlaut will also be resigning from the Board of the Company by the end of the current financial year, March 31, 2022.
"The departure of it's non-executive Director doesn't seems to have any influence on the already stable business operations of Indiabulls. As per the company also, the outgoing promoters are not involved in the daily activities of the Company and are not associated with the business of the Company, in any manner. The stock is in bullish trend on technical setup and may go upto Rs 175 levels in near term," Dr. Ravi Singh-Vice President and Head of Research ShareIndia told Business Today. Recently, the Enforcement Directorate (ED) conducted raid at Indiabulls Finance Centre in Mumbai. The raid was conducted by a joint team from ED Delhi and Mumbai, India Today reported. The ED had registered a case against Indiabulls Housing Finance and its promoters in April 2021. The raids were conducted as part of Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing Finance promoter Sameer Gehlaut and some other related companies and individuals.
The case was registered on the basis of an FIR filed in Palghar which said that Indiabulls Housing Finance siphoned money and invested it in its own shares for increasing the prices. The complainant mentioned the real estate companies which had taken loans from Indiabulls Housing Finance and routed money back into its shares in the FIR, India Today said.