Can Fin Homes rallied 3.17% to Rs 374.65 after the company said its board will meet on 17 July 2020 to consider raising funds.
The board of Can Fin Homes will consider raising funds by way of issue of equity shares through qualified institutions placement and/or preferential issue to promoters or rights issue and/or any other permissible securities, subject to such approvals as may be required.Further, the board will also consider borrowing/raising funds by issue of on-shore and/or off-shore debt instruments including but not limited to bonds, non-convertible debentures, non-convertible subordinated debt Tier-II debentures, denominated in Indian currency and/or any foreign currency.
At the said meeting, the proposal for re-validation of the earlier authorisations given by the board for issuing non-convertible debentures (NCDs) as required by NHB directions, will also be placed., the company said in a statement issued after market hours on Wednesday (8 July).
On the technical front, the stock's RSI (relative strength index) stood at 64.490. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading in between its 50-day moving average (DMA) placed at Rs 318.45, with will act as a support in the near term and its 200-day moving average (DMA) placed at Rs 379.09, would act as a resistance in the upcoming trade.
Can Fin Homes reported a 37.5% jump in net profit to Rs 90.91 crore on a 14.2% rise in total income to Rs 528.86 crore in Q4 March 2020 over Q4 March 2019.
Can Fin Homes is a housing finance company. The firm offers housing loan to individuals; housing loan to builders/developers, and loan against property. Its loan portfolio includes housing loans and non-housing loans. As on date there are 198 offices spread over 21 states and Union Territory.
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