Aavas Financiers rallies 90% so far in 2019 on FPI buying

Foreign portfolio investor stake in the company has increased to 16.57 per cent as on June 30, 2019, against 11.56 per cent at the end of December 2018 quarter.

Shares of Aavas Financiers continued their northward journey on Monday as it scaled a new high of Rs 1,622 apiece. The stock has surged over 90 per cent thus far in the calendar year 2019 (CY19) on strong foreign portfolio investors (FPIs) buying.

Thus far in CY19, the stock has rallied 93 per cent, as compared to a 4 per cent rise in the benchmark S&P BSE Sensex. Aavas Financiers is a retail affordable housing finance company primarily serving low and middle income self employed customers in semi-urban and rural areas in India.

FPIs increased their stake in