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Dewan Housing and Finance Corporation amid crumbling values built a spiral on surge in demand. The stock finished up 3.66 per cent on the BSE with a traded quantity of 72.41 lakh shares (two week average 24.32 lakh shares). On the NSE, 1.14 crore shares changed hands. According to market talk, accumulation is on because of strongly improving fundamentals and growth plans. Mr Kapil Wadhwan, MD, told Business Line that company has planned raising around Rs 1,500 crore this fiscal through debts (Rs 1,100 crore in 2005-06). It has also lined up raising equity capital by Rs 78 crore. Mr Wadhwan is also confident that the 3 per cent net interest margin is likely to remain intact even if interest rates go up further. The Optional Convertible Preference Shares, issued in March 2006 to Caledonia Investment Plc, would be converted (Rs 10 share at a premium of Rs 65 per share) within June 2007. Conversion of warrants, allotted to promoters, would also be converted (at a premium of Rs 65 per share) within the same time frame.

Jayanta Mallick

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