Rakesh Jhunjhunwala-led firm buys 50 lakh shares of this realty major, stock surges 15%

Shares of Indiabulls Real Estate rose over 15% today after ace investor Rakesh Jhunjhunwala-owned Rare Enterprises bought 50 lakh shares or 1.1% stake in the company via open market transaction. Indiabulls Real Estate share gained 15.68% to Rs 63.8 against previous close of Rs 55.15 on BSE.

Total 12.02 lakh shares changed hands amounting to turnover of Rs 7.32 crore on BSE.

Market cap of the firm rose to Rs 2,798 crore.

The share opened with a gain of 3.9% at Rs 57.30 on BSE. The share gained 28.29% in two days.

Indiabulls Real Estate share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Rakesh Jhunjhunwala earned Rs 2.71 crore per day with this stock for 100 sessions

The share has lost 21.03% in one year and fallen 5.83% since the beginning of this year.

In a week, the share has gained 27.39%. The share touched its 52-week high Rs 113.00 and 52-week low Rs 36.85 on 29 January 2020 and 26 March 2020, respectively. The transaction was made at Rs 57.73 per share, the bulk deals data available on NSE showed. The shares bought by Rare Enterprises were worth Rs 28.86 crore.

Jhunjhunwala earned Rs 5.6 crore per day with this stock for 111 sessions