Indiabulls Housing Finance dropped 1.38% to Rs 653.85 at 12:00 IST on BSE after the company announced that it has reduced its home loan rate by 45 basis points to 8.65% for its customers with effect from 3 January 2017.
The announcement was made after market hours yesterday, 3 January 2017.Meanwhile, the S&P BSE Sensex was down 15.34 points or 0.06% at 26,629.51.
On the BSE, 79,085 shares were traded in the counter so far as against average daily volume of 1.18 lakh shares in the past one quarter. The stock had hit a high of Rs 667.80 and a low of Rs 652.30 so far during the day. The stock had hit a record high of Rs 895 on 20 October 2016. The stock had hit a 52-week low of Rs 551 on 24 February 2016.
The stock had underperformed the market over the past one month till 3 January 2017, falling 9.99% compared with the 1.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 22.5% as against Sensex's 5.67% decline.
The large-cap company has equity capital of Rs 84.75 crore. Face value per share is Rs 2.
Indiabulls Housing Finance said that the home loan rate for upto Rs 75 lakh loan will be 8.7%, for Rs 75 lakh to Rs 3 crore it will be 8.75% and for Rs 3 crore to Rs 5 crore the rate stands at 8.85%. The home loan rates for women will be 5 basis points lower in the above categories of home loans.
Gagan Banga, Vice chairman and Managing Director, Indiabulls Housing Finance said home loan rates are now at their lowest in six years and tremendously improves buyers, affordability. The cut in rotes, the recently announced enhancement in Prime Minister's Awas Yojana subsidies and tax deductions against home loan repayments, make the EMI cheque smaller than the rent cheque for buyers of affordable houses for the first time in more thon a decade, he added.
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Indiabulls Housing Finance's consolidated net profit rose 23.2% to Rs 684.31 crore on 28% growth in net sales to Rs 2874.95 crore in Q2 September 2016 over Q2 September 2015.
Indiabulls Housing Finance is a housing finance company. The company also provides other loans, such as loan against residential properties for home improvement and to small businesses, commercial vehicle loans, and corporate loans for housing projects.
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