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Housing finance firms gained on strong Q3 results. Indiabulls Housing Finance Ltd gained as much as 2.2 per cent to a record high of Rs 1,409.80. PNB Housing Finance Ltd climbed as much as 2.9 per cent to Rs 1,339.
Indiabulls Housing posted a 55.4 per cent jump in December-quarter consolidated profit, while PNB Housing said its quarterly profit surged about 58 per cent.
Nomura says stable Q3 performance by Indiabulls Housing is a positive surprise in a challenging rate environment. It has maintained “neutral" rating and a price target of Rs 1,400.
Jefferies says strong loan growth, branch expansions, balanced asset mix and competitive pricing should drive 33 per cent loan CAGR over the next two years for PNB Housing. It has maintained “buy” rating and a price target of Rs 1,740. Up to Tuesday's close, Indiabulls Housing stock up gained about 83 per cent in the past one year, while PNB Housing gained about 57 per cent..
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