Real estate developer Indiabulls Real Estate soared 27.65% to Rs 136.90, as realty stocks extended gains on hopes cut in lending rates will spur demand for residential properties. The scrip topped gainers in BSE's ‘A’ group shares.
The Reserve Bank of India (RBI), on Monday, 20 October 2008, cut the repo rate, by 100 basis points to 8%, with immediate effect. The repo rate is the rate at which the RBI provides funds to banks against the collateral of government bonds for a day to three days.
E-learning solutions provider Educomp Solutions spurted 23.97% to Rs 2,066.40. It was the second biggest gainer in A group. The stock extended gains for the second session in a row, on acquiring 51% stake in Takshila Management Services, which specialises in setting up schools in cities across India. The acquisition is aimed at Educomp's plan to set up 25 schools over the next two years.
Infrastructure Development Finance Company, which finances infrastructure projects, galloped 20.82% to Rs 62.10. It was the third biggest gainer in A group. The company will declare Q2 September 2008 results on 22 October 2008.
Real estate developer Housing Development and Infrastructure jumped 19.14% to Rs 152.20. It was the fourth biggest gainer in A group.
Consumer durables maker Titan Industries rose 17.39% to Rs 997.05. It was the fifth biggest gainer in A group. Its net profit surged 88.2% to Rs 87.14 crore on a 53.10% jump in total income to Rs 1089.77 crore in Q2 September 2008 over Q2 September 2007. The company announced the results after trading hours on Monday, 20 October 2008.