Stocks

Indiabulls Housing shares jump 3%

Reuters October 16 | Updated on October 16, 2018 Published on October 16, 2018

Share of Indiabulls Housing Finance jumped as much as 3 per cent to Rs 976.80 as the mortgage lender had on Mondday posted 21.5 per cent rise in September quarter profit of Rs 1,044 crore ($141.28 million).

Motilal Oswal says strong relationships with banks, mutual funds and other entities, coupled with its AAA-rating, should enable the company to sail through these tough times of tight liquidity. While the management has guided 20 per cent assets under management (AUM) growth in FY19, Motilal Oswal estimates 16 per cent given the fact that AUM has grown only 5 per cent over March-September 2018.

More than 2.6 million shares changed hands, 0.4 times their 30-day moving average of about 6.3 million shares. Indiabulls Housing stock had fallen about 20 per cent this year as of last close ($1 = 73.8950 Indian rupees).

Published on October 16, 2018
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