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Shares of Indiabulls Housing Finance jumped as the company has posted 26 per cent increase in second-quarter net profit. The stock rose as much as 2.1 per cent to Rs 1,365.50, and was among the top percentage gainers on NSE index.
The company's Q2 profit jumped nearly 26 per cent to Rs 861 crore ($132.43 million), while non-performing assets (NPAs) fell to lowest level in 20 quarters and the gross NPA stood at 0.78 per cent.
At least two brokerages have raised their target price on the stock after strong Sept-quarter results.
“Bullish management commentary backed up by 33 per cent YoY AUM growth (and even better 43 per cent YoY for pure home loans) suggests that IHFL is aggressively grabbing market share," Macquarie analysts said.
Assets under management and margin outcomes better than expectation, Nomura analysts wrote in a note.
Out of 13 analysts covering the stock, eight have rated it as 'buy' or higher, while the rest have a 'hold' rating.
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