Meanwhile, the S&P BSE Sensex was up 74.79 points or 0.20% to 37,606.77.

On the BSE, 5704 shares were traded in the counter so far compared with average daily volumes of 5.41 lakh shares in the past two weeks. The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 43.10 so far in the day.

The stock hit a 52-week high of Rs 151 on 07 June 2019. The stock hit a 52-week low of Rs 38 on 07 October 2019.

Indiabuls Real Estate said that the meeting of the board of directors of the company is scheduled on 11 October 2019 to consider and approve the proposal of buyback of equity shares of the company. The announcement was made on Tuesday, 8 October 2019 when stock markets were closed on account of Dussehra.

On a consolidated basis, the real estate company reported a net loss of Rs 51.86 crore in Q1 June 2019 over a net profit of Rs 117.49 crore in Q1 June 2018. Net sales rose 3.2% to Rs 836.58 crore in Q1 June 2019 over Q1 June 2018.

Indiabulls Real Estate focuses on construction and development of residential, commercial and SEZ projects across major Indian metros.