Indiabulls Real Estate shares rise 2% on restructuring plans

Indiabulls-Real-EstateShares of Indiabulls Real Estate have crashed 1% after opening at Rs. 215.

The stock does business at Rs. 207, down Rs. 2.05. The stock has strike a high of Rs. 215 and a low of Rs. 206.

Total traded quantity on the counter set at over 12.16 lakh shares.

The company has posted a net profit after tax of Rs. 314.462 mn for the quarter ended September 30, 2010 as contrasted to Rs. 59.589 mn for the quarter ended September 30, 2009.

Total Income has improved from Rs. 322.624 mn for the quarter ended September 30, 2009 to Rs. 656.214 mn for the quarter ended September 30, 2010.

On Wednesday Indiabulls Real Estate said that it was making an allowance for reforming its power and infrastructure business to help elevate their net worth to meet financial support requirements.

It supposed that the move will also allocate investors to branch out their portfolio into separate entities focused on real estate and power/infrastructure.

It also added that its board has made up a restructuring team that will estimate the plan and prepare a draft proposal.