Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Indiabulls Financial Ltd with a target of Rs 230 in the short term.

The report further stated that, if the counter is successful to breach Rs 209, then it will hit a target of Rs 250.

In addition, the firm has suggested a support level for the scrip at Rs 190.

Today (Sep 09), the shares of the company opened at Rs 204 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 0.86 & 238.37 respectively. The share price has seen a 52-week high of Rs 267.45 and a low of Rs 77.75 on BSE.

Indiabulls Financial Services Ltd, on Aug 27, has declared that upon exercise of stock options vested in terms of (1) IBFSL-ICSL Employees Stock Option Plan -2006 and (2) IBFSL-ICSL Employees Stock Option Plan II-2006, by the qualified workforce and acceptance of complete consideration therefore, the company’s directors at its meeting held on August 27, 2009, allotted approx 1,10,681 equity shares having face value Rs 2/- each to such employees, being 75,654 Equity shares allotted under IBFSL-ICSL Employees Stock Option Plan -2006 and 35,027 Equity shares allotted under IBFSL-ICSL Employees Stock Option Plan II-2006.

For the three month period ended June 2009, Indiabulls Financial Services recorded a fall of 51.03% in its consolidated net profit.

During the period, the company posted a consolidated profit of Rs 719.03 million as compared to Rs 1468.20 million for the quarter ended June 30, 2008.

On a standalone basis, the company’s net profit stood at Rs 611.73 million, a fall of 41.80% over the prior year period.

The company’s total income was at Rs 3,461.93 million, a decline of 25.64% over the prior year period.