Indiabulls Housing Finance are among Dalal Street's top gainers. Know why

Shares of Indiabulls Housing Finance, a midsized provider of housing loans, was the top gainer in the Futures and Options market after it reported a stellar set of quarterly numbers.

Indiabulls Housing said first quarter profit rose 21 percent to 511 crore rupees compared with 424 crore rupees in the same quarter a year ago. Similarly Net Interest Income surged 26 percent to 822 crore rupees from 652 crore rupees in the year ago period.

Shares of Indiabulls Housing were trading at a record high with gains of 3.4 percent at 680 rupees. Futures showed a build up of long positions and an upward bias on price.

The company also announced a dividend of 9 rupees per share on a face value of 2 rupees. It said 99 percent of incremental borrowing in the last 3 months was via sales of bonds, which bear a lower interest rates than borrowing from banks.

(Image credit: Indiatimes)