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Indiabulls Housing Finance spurts on bargain hunting

Capital Market 

Indiabulls Housing Finance rose 11.02% to Rs 726.35 at 12:02 IST on BSE on bargain hunting after a recent slide.

Meanwhile, the S&P BSE Sensex was up 131.88 points, or 0.38% to 34,447.51.

On the BSE, 13.14 lakh shares were traded in the counter so far compared with average daily volumes of 10.70 lakh shares in the past two weeks. The stock had hit a high of Rs 731.30 and a low of Rs 662 so far during the day. The stock hit a 52-week high of Rs 1,439.40 on 29 January 2018. The stock hit a 52-week low of Rs 640.15 on 19 October 2018.

Shares of Indiabulls Housing Finance slumped 31.04% in three trading sessions to settle at Rs 654.25 on 19 October 2018, from its close of Rs 948.70 on 15 October 2018.

Meanwhile, a media report suggested that Indiabulls Housing Finance plans to sell all or part of its 18.7% stake in UK-based OakNorth Holdings within a month to a private equity fund. The deal, if it goes through, will help the company rake in over six times gain on investment in less than three years. OakNorth Holdings has investors including Singapore's Government Investment Corporation and Clermont Group. The current valuation of Indiabulls' stake is up to Rs 4,500 crore. The PE fund is investing in fresh and existing shares equivalent to 30 per cent stake in OakNorth Holdings, a lender to small businesses, report added.

On a consolidated basis, net profit of Indiabulls Housing Finance rose 21.22% to Rs 1044.15 crore on 23.25% rise in total income to Rs 4255.27 crore in Q2 September 2018 over Q2 September 2017.

Indiabulls Housing Finance is the 2nd largest housing finance company in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 22 2018. 12:04 IST