Indiabulls Housing Finance gains after CLSA raises target price




For the quarter ended June 30, 2017, Indiabulls Housing Finance reported total revenue at 2,789.29 crore and net profit stood at 734.05 crore. NEW DELHI: Shares of Indiabulls Housing Finance advanced over 3 per cent in Thursday’s trade after global brokerage firm CLSA raised the target price of the company to Rs 1,500 from Rs 1,380.

Following the development, the stock gained 3.55 per cent to Rs 1,307.80 on BSE. It opened at Rs 1,291 and touched an intraday high and low of Rs 1,317.50 and Rs 1,280 respectively, till around 12.30 pm (IST).

The brokerage expects the company to see 30 per cent compounded annual growth rate (CAGR) in housing loans assets, and 25 per cent growth in earnings, over FY17-20.

CLSA has maintained a ‘buy’ rating on the stock.

Promoters held 23.79 per cent stake in the company as of June 2017.

For the quarter ended June 30, 2017, Indiabulls Housing Finance reported total revenue at 2,789.29 crore and net profit stood at 734.05 crore.

The scrip touched its fresh 52-week high of Rs 1,317.50 today on September 7, 2017 and had touched its 52-week low of Rs 616.05 on December 27, 2016.




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