Indiabulls Real Estate rides on European tieup

Indiabulls Real Estate announced before market hours today, 15 June 2007, that the company and Strabag Group’s Zublin International GmbH have entered into a memorandum of understanding to consolidate their resources and experience and jointly work on large infrastructure development projects. They have also agreed to set up a special purpose vehicle (SPV) to execute these projects.

Strabag Group is one of Europe’s leading construction groups with nearly 53,000 employees and a turnover of more than 10 billion euros in 2006.

Indiabulls Real Estate reported net profit of Rs 6.01 crore on total income of Rs 14.39 crore in the quarter ended March 2007. It reported a net profit of Rs 13.12 crore on total income of Rs 27.06 crore in the year ended March 2007 (FY 2007).

The Indiabulls Real Estate share price had declined from Rs 401.85 on 1 June 2007 to Rs 347.15 on 12 June 2007. It recovered over the next two trading sessions to Rs 358.25 on 14 June 2007