PNB Housing climbs after business update

PNB Housing Finance rallied 9.39% to Rs 415.80 after the company issued Q2 business update after trading hours yesterday, 16 October 2019.

During Q2 September 2019, the company disbursed loans amounting to Rs 4,970 crore. The retail disbursements during the quarter stood at Rs 4,718 crore and corporate disbursements were Rs 252 crore.

The asset under management (AUM) of the company was worth Rs 89,471 crore and loan asset amounted to Rs 74,353 crore as on 30 September 2019.

The gross non-performing assets (NPA) stood at 0.73% of the AUM as on 30 September 2019. At loan asset level, the gross NPA is 0.84%.

During Q2 September 2019, the firm securitized loans amounting to Rs 3,580 crore through direct assignment route.

During Q2 September 2019, the company raised $175 million through ECB route. It also raised non-convertible debentures (NCDs) worth Rs 500 crore.

The cash and bank balances (including liquid investments) as on 30 September 2019, stands at Rs 4,279 crore with exposure in commercial paper reduced to Rs 4,506 crore as on 30 September 2019 from Rs 6,475 crore as on 30 June 2019.

In a separate notification, the company said it plans to raise Rs 10,000 crore through secured and unsecured non-convertible debentures. The company's board will meet on 24 October to take into account Q2 results and the fund-raising programme.

Shares of PNB Housing Finance slumped 33.79% in the past seven trading sessions to settle at Rs 380.10 yesterday, 16 October 2019, from its close of Rs 574.10 on 4 October 2019.

Meanwhile, the S&P BSE Sensex was up 80 points or 0.21% to 38,678.73.

On the BSE, 1.80 lakh shares were traded in the counter so far compared with average daily volumes of 37,255 shares in the past two weeks. The stock hit an intraday high of Rs 423.60. It hit an intraday low of Rs 371.90, which is also an all-time record low for the counter. The stock hit a 52-week high of Rs 1,039.70 on 27 November 2018.

PNB Housing Finance's consolidated net profit soared 11.2% to Rs 284.47 crore on 35.4% surge in total income to Rs 2,232.58 crore in Q1 June 2019 compared with Q1 June 2018.

PNB Housing Finance (PNBHFL) provides housing loans to individuals and corporate bodies for construction, purchase, and repair and up gradation of houses.

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