Indiabulls Housing Finance rose 4.01% to Rs 1,313.60 at 14:00 IST on BSE on reports that a foreign brokerage house maintained its 'Buy' rating on the stock and raised its target price.
Meanwhile, the S&P BSE Sensex was up 45.74 points, or 0.14% to 31,707.71.On the BSE, 1.46 lakh shares were traded in the counter so far, compared with average daily volumes of 85,458 shares in the past one quarter. The stock had hit a high of Rs 1,317.50 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,280 so far during the day. The stock hit a 52-week low of Rs 616.05 on 27 December 2016.
The stock had outperformed the market over the past one month till 6 September 2017, rising 5.72% compared with 1.10% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.28% as against Sensex's 1.44% rise. The scrip had also outperformed the market in past one year, rising 54% as against Sensex's 9.46% rise.
The large-cap company has equity capital of Rs 84.88 crore. Face value per share is Rs 2.
According to reports, the brokerage hiked its target price on the Indiabulls Housing Finance stock to Rs 1,500 from Rs 1,380 earlier. The brokerage cited that the company's growth will be driven by its ability to scale up housing loans. The company has strong presence in fast-growing markets (distant suburbs of Mumbai), it reportedly added.
On a consolidated basis, net profit of Indiabulls Housing Finance rose 25.10% to Rs 788.22 crore on 24.62% rise in net sales to Rs 2955.99 crore in Q1 June 2017 over Q1 June 2016.
Indiabulls Housing Finance is a housing finance company.
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