Indiabulls posts 83% decline in net at Rs 99.44 crore

Indiabulls posts 83% decline in net at Rs 99.44 croreIndiabulls Financial Services has announced the financial results for the year ended 31 March, 2009, reporting 83 per cent decline in its net profit.

Its net profit stood at Rs 99.45 crore as compared to Rs 574.39 crore in the financial year 2007-08. The financial firm disclosed, in a filing before Bombay Stock Exchange that it suffered loses worth Rs 227.53 crore, due to adverse impact of global slowdown on its business.

Indiabulls Financial Services Ready To Set Up AMC

Indiabulls Financial Services has informed that the company has got approval from the Securities and Exchange Board of India (SEBI) to launch an Asset Management Company (AMC) in the country.

According to an official, the motive of AMC is to introduce asset management business, which will start working in the next 3-4 months.

Besides, the company is also eyeing to enter into life insurance segment with Sogecap, a subsidiary of French bank Societe Generale.

Reserve Bank of India’s (RBI) has already given nod to Indiabulls to start non-banking financial services (NBFC) business.

Indiabulls sells stake in Real Estate Business to LN Mittal, Farallon

Indiabulls Real Estate has entered into an agreement with FIM and LNM India Internet Ventures. Both companies will jointly invest Rs 1,580 crore in Indiabulls Real Estate.

FIM Ltd is a foreign venture capital investment group managed by US-based Farallon Capital Management LLC and LNM India Internet is a family investment arm of Arcelor-Mittal president and chief executive Mr. Lakshmi Mittal.

India Bulls Arm Buys Realty Firm; To Launch IPO

Indiabulls Real Estate Ltd has announced that its division Indiabulls Infrastructure Ltd (ILL) has acquired Catherine Builders and Developers Pvt Ltd from DLF Home Developers Ltd in full.

Catherine holds 50% stake in Kenneth Builders & Developers Pvt Ltd, which previously gained a bid to expand a residential project on 35.8 acres of land at Tehkhand in South Delhi.

The resting 50% stake in Kenneth is possessed by IIL’s wholly-owned unit that presently holds 100% stake in Kenneth.