Indiabulls Housing Finance hits record high after good Q1 results

The stock gained 4% at Rs 689 after the company reported a 21% y-o-y jump in profit at Rs 511 crore in the June quarter.

Shares of Indiabulls Housing Finance has gained 4% at Rs 689, also its record high on the NSE, after the company reported a 21% jump in profit at Rs 511 crore in the June quarter on higher loan disbursement. It had reported a profit of Rs 424 crore in the year-ago quarter.

Net interest income, difference between interest earned and interest paid, rose 26% at Rs 822 crore in the June quarter against Rs 652 crore in the corresponding quarter of previous fiscal.

The asset quality remained stable with gross non-performing assets (NPAs) at 0.85% and net NPA at 0.36% in the quarter.

The board of directors of the company declared a second interim dividend of Rs 9 per share of face value of Rs 2, amounting to 450%.

At 10:11 AM, the stock was up 3% at Rs 686 on the NSE and has seen a combined 410,192 shares changing hands on the counter on the NSE and BSE.