In its latest research report, Nirmal Bang, an equity research firm said that Indiabulls Financial Services Ltd can give good returns in the short term.

The report further stated that, if the counter is successful to breach 194, then it will create a huge breakout.

Nirmal Bang Research has advised its investors to hold the stock to achieve a target price of Rs 230.

Besides, the report has also suggested a support level of Rs 153for the scrip.

Today (July 16), the shares of the company opened at Rs 182.25 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 3.92 and 45.87 respectively. The share price has seen a 52-week high of Rs 349.90 and a low of Rs 77.75 on BSE.

Indiabulls Financial Services, on June 25, said that the company has passed a decision to issue equity shares / fully convertible debentures / partly convertible debentures or any other securities (other than warrants) convertible into or exchangeable along with company’s equity shares, via QIP for $200 million or its Indian rupee equivalent, to QIBs.
    
Indiabulls Financial Services has posted a fall of 50.21% in its net profit for the financial ended on March 31, 2009.

During the twelve month period, the company posted a profit of Rs 1,901.72 million as compared to Rs 3,819.70 million for the year ended March 31, 2008.

During the same period, the company total income stood at Rs 17,835.07 million, an increase of 34.32% as compared to the same quarter the previous year.