Indiabulls wholesale jumps 33% in a week on fund infusion buzz

The speculation is that the company, which is into wholesale trading, may get additional funds from promoters and expand into software services. The buzz is that Indiabulls Wholesale may look at acquiring a Chennaibased mid-sized IT firm, though officials denied the talk. “We have no plans for fund infusion or any acquisition in the IT space. The group is in the consolidation mode and may not be interested in diversification into non-core businesses,” said a senior official. The penny stock, which closed at Rs 4.21 on Friday, hit the upper circuit in four out of the last seven trading sessions. Brokers said many institutions, which got the Indiabulls Wholesale shares in the restructuring, have dumped the stock since its listing at Rs 7.50 on August 18.