 "HDFC")
Shares of Housing Development Finance Corporation Limited (HDFC) hit a seven-month high of Rs 2,852, up 3 per cent on the BSE in the intra-day trade on Tuesday, on anticipation of pick up in business growth. The upcoming festive season is expected to see a growth in real estate sales, analysts say.
The stock of the largest non-banking finance company (NBFC), engaged in housing finance business, was trading at its highest level since February 2021. It is less than 2 per cent away from its record high level of Rs 2,895, touched on February 16, 2021.
The stock has underperformed the market by gaining 12 per cent in the past six months, as compared to a 16 per cent rise in the S&P BSE Sensex. Meanwhile, over the three months, it gained 10 per cent against a 12 per cent rise recorded by the benchmark index.
While announcing April-June quarter (Q1FY22) results on August 2, HDFC had said that the demand for home loans continues to remain strong and disbursements had picked up with the unlocking of respective locations. "While disbursements during April and May of the current financial year were somewhat impacted, business has reverted to normalised trends in the months of June and July. July 2021 disbursements were the highest ever in a non-quarter end month," the company said.
Given this, analysts at ICICI Securities had said that HDFC had demonstrated a consistent performance in terms of both business growth as well as asset quality. "Market leadership, funding advantage and adequate capital lead us to remain positive on fundamentals," they had said.
The stock of the largest non-banking finance company (NBFC), engaged in housing finance business, was trading at its highest level since February 2021. It is less than 2 per cent away from its record high level of Rs 2,895, touched on February 16, 2021.
The stock has underperformed the market by gaining 12 per cent in the past six months, as compared to a 16 per cent rise in the S&P BSE Sensex. Meanwhile, over the three months, it gained 10 per cent against a 12 per cent rise recorded by the benchmark index.
While announcing April-June quarter (Q1FY22) results on August 2, HDFC had said that the demand for home loans continues to remain strong and disbursements had picked up with the unlocking of respective locations. "While disbursements during April and May of the current financial year were somewhat impacted, business has reverted to normalised trends in the months of June and July. July 2021 disbursements were the highest ever in a non-quarter end month," the company said.
Given this, analysts at ICICI Securities had said that HDFC had demonstrated a consistent performance in terms of both business growth as well as asset quality. "Market leadership, funding advantage and adequate capital lead us to remain positive on fundamentals," they had said.
