Banga noted that a large number of people including several quarters of the media believed that the merger will not go through.
Funding to real estate has got constrained over the past year which has resulted in many projects being stuck because of a lack of funds to complete the project.
Indiabulls Housing Finance share price fell 5 percent intraday on Friday after the company said that it will fight PIL in court. The stock fell to new 52-week low in the process.
We have collated a list of stocks that remained in focus on August 29 because of their price action. The technical outlook is limited to near and medium-term.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 0.32 percent loss or 35 points. Nifty futures were trading around 11,013-level on the Singaporean Exchange.
The index is reconstituted semi-annually considering 6 months data ending January and July respectively.
By applying concepts like Time cycles, Channels and indicators like RSI or the Relative Strength Index, one can still derive amazing trades from these stocks.
"On a net basis, we have been able to bring commercial real estate loans down by about Rs 4,000 crore so from a little over Rs 20,000 crore, it will be down to about Rs 16,000 crore," Banga added.
Global research firm CLSA has maintained a buy rating on the stock and has cut target to Rs 670 from Rs 920 per share
The market prices of Lakshmi Vilas Bank and Indiabulls Housing Finance do not suggest a merger is likely to happen anytime soon
Subramanian Swamy has accused the Indiabulls Group of laundering over Rs 1 lakh crore from the National Housing Bank (NHB).
Total bank loan facilities covered under rating stood at Rs 24,549.98 crore
Vatika Group is looking to sell more land parcels and avail lease rental discounting. It has leased over 2.1 million sq ft of commercial space and has sold 525 residential units over the past couple of quarters.
The company will buy back non-convertible debentures and masala bonds maturing this September aggregating to Rs 1,375 crore which includes Rs 660 crore issued by way of a public issue.
Company informed exchanges that it has redeemed (bought back) secured, redeemable, non-convertible debentures of face value Rs 10,00,000 each
Shareholders of the Indiabulls Housing will hold approximately 90.5 percent of the post-merger enhanced equity capital of the merged entity.
It was trading with volumes of 3,519,405 shares, compared to its five day average of 1,935,881 shares, an increase of 81.80 percent.
The recent default by DHFL on interest payment to its debenture-holders followed by its rating downgrade by ICRA and CRISIL has raised fresh concerns on liquidity and growth sustainability of NBFCs
In last 15 days, the stock corrected 24 percent and plummeted 73 percent in one year period.
The petition alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of Indiabulls for their personal use
The ruling came on a complaint filed by advocate Kanhaiya Singhal who had availed a loan facility of Rs 1 crore for which he entered into a loan agreement with Indiabulls Housing during June 2018.