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Dewan Housing Finance Corp's shares surged as much as 25 per cent to Rs 438.2, their record daily per cent gain.
At about 11.30 am, the Dewan Housing stock was off its morning highs and quoting at Rs 392.95, up Rs 39.90 or 11.35 per cent on the BSE.
Shares tanked over 42 per cent on Friday amid liquidity concerns over housing finance companies. Sentiment was soothed after the company said later on Friday it had sufficient liquidity and was in complete control over its loans. The firm is repaying Rs 400 crore on Monday as per schedule, it said in a statement. Rating agencies CARE Ratings and ICRA Ltd reaffirmed their credit rating s on the company on Saturday.
“Expect markets to be more conservative in lending to NBFCs (non banking financial companies), which is likely to push up pricing. For NBFCs as a whole, we think the issue is funding cost (and hence NIM) rather than liquidity,” according to Morgan Stanley analysts. Over 32.5 million shares traded vs their 30-day average volume of 7.7 million shares.
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