Indiabulls Housing Finance Gains Over 50% In 2 Days As FIIs Make Bulk Deals

Shares of Indiabulls Housing Finance surged 23.6 percent on Monday to an intraday high of Rs 251.55, adding to the 31 percent gains made in Friday's session. The mid-cap stock was the top performer for the day on the Nifty 500 index and has is been up for the third straight day, its longest winning streak in two months.

On Friday, Morgan Stanley Asia (Singapore) Pte had bought 45.2 lakh shares or 1.1 percent of Indiabulls Housing Finance's total equity capital at Rs 184.76 per share in a bulk deal. Apart from the brokerage firm, iShares Emerging Markets Dividend UCITS ETF bought 25.69 lakh shares in the company at Rs 189.51 per share and iShares Emerging Markets Dividend ETF bought 45.58 shares at Rs 189.51 per share. On the other hand, Integrated Core Strategies (Asia) Pte Ltd sold 21.69 lakh shares in the housing finance company at Rs 202.12 per share.

Besides, Indiabulls Housing Finance is going to be one of the 12 stocks that will be added to the Nifty Midcap 100 index with effect from 26 June.

Earlier on 12 June, the mortgage lender had said that it has raised Rs 200 crore by issuing 2,000 secured, redeemable, non-convertible debentures (NCDs) to two large public sector banks on private placement basis. The NCDs with 546 days maturity carrying a coupon rate of 9 percent per annum payable annually were issued to two unnamed banks.