Shares of Indiabulls Real Estate Ltd (IBREL) on Monday climbed 5 per cent after the company reported nearly fourfold jump in consolidated net profit for the second quarter of the current financial year.

The company’s scrip gained 4.04 per cent to close at Rs 76 on the BSE. During the day, it zoomed 4.99 per cent to Rs 76.70.

On the National Stock Exchange (NSE), it went up by 5 per cent to close at Rs 76.65.

Indiabulls Real Estate Ltd has reported nearly fourfold jump in consolidated net profit at Rs 301.16 crore for the second quarter of this fiscal year.

Its net profit stood at Rs 75.91 crore in the year-ago period.

The firm’s total income rose to Rs 1,101.9 crore during the July-September quarter of the 2019-20 fiscal as compared with Rs 1,059.71 crore in the corresponding period of the previous year, the company said in a regulatory filing.

The company’s net profit increased sharply mainly on account of a fall in total expenses.

[“source=economictimes”]