Indiabulls Real Estate Ltd. trades close to its 52 -week high ; increases stakes in IPIT

Indiabull Real Estate's shares closed up by almost 6 percent at 71.50  due to reports of it buying further stakes in its Singapore subsidiary IPIT ( Indiabulls Properties Investment Trust). 

Indiabulls Real Estate previously owned 47.5 percent stake in IPIT. With current additional purchase of 2.77 crore shares, now the realty firm owns almost 51.18 percent of IPIT. The purchase was made through its subsidiary Grapene.

The stock touched an intraday high of 73.50 , just missing its 52 week high of 73.60 which it quoted on October 20 ,  2015.  BSE Realty index traded positive on Thursday inching up by almost 0.73 percent . DLF and Sobha Developers were the other main gainers in the realty sector; whereas Godrej Properties was down by almost 3.70 percent owing to poor earnings. Prestige Industries is another realty stock which traded in negative zone and was down by almost 5 percent.

Indiabulls Real Estate has outperformed the sectoral index handsomely , especially if one compares the 1 month performance. Indiabulls Real Estate's shares have climbed up by almost 26 percent compared to 8 percent returns delivered by the BSE realty index.   At current levels of above 70 the stock is trading above its 200 day DMA and 50 day DMA indicating bullishness in the counter.