GIC Housing Finance surges on robust Q2 numbers

Q2 net profit came in at Rs 23.15 crore

GIC Housing Finance has surged 7% to Rs 103 on reporting over two-fold jump in the net profit which came in at Rs 23.15 crore for the second quarter ended September 2012 due to higher operational income and lower other expenditure. The housing finance company had profit of Rs 9.30 crore in previous year quarter.

Income from operations grew 31% at Rs 136 crore, while other expenditure dipped by 35% at Rs 9.45 crore on year-on-year basis during the recently concluded quarter.

The stock opened at Rs 97 and hit a 52-week high of Rs 104.45 on the NSE. The trading volumes on the counter surge over ten-fold with a combined 2.52 million shares have changed hands on the counter so far.