Indiabulls Housing Finance gains 2%, despite stake dilution by BNP Paribas, Societe Generale

#Buzzing Stocks, Indiabulls Housing Finance

Indiabulls Housing Finance

Indiabulls Housing Finance share price added over 2 percent intraday on November 26. The stock has been on the radar after Brickwork Ratings India revised its outlook to ‘stable’ from ‘negative’.

The stock was trading at Rs 229.00, up Rs 2.45, or 1.08 percent, at 10:25am. It has touched an intraday high of Rs 236.50 and an intraday low of Rs 224.05.

In a regulatory filing, Indiabulls Housing Finance announced that the credit rating agency has reaffirmed its long-term rating at ‘BWR AA+’. The housing finance company’s perpetual debt rating has also been reaffirmed at ‘BWR AA’.

Brickwork noted that comfortable capitalisation levels, established market position, strong liquidity position, minimal slippage and healthy collections have contributed to a revised rating for Indiabulls Housing Finance.

Foreign portfolio investors BNP Paribas Arbitrage and Societe Generale, however, offloaded a 1.1 percent equity stake in Indiabulls Housing Finance through open market transactions on November 25.

BNP Paribas Arbitrage sold 23,59,500 equity shares in Indiabulls Housing Finance at Rs 221.75 apiece and Societe Generale offloaded 27,40,400 equity shares in the company at Rs 221.34 each on the NSE, the bulk deals data showed.

BNP Paribas Arbitrage held a 1.56 percent stake and Societe Generale had 1.27 percent in Indiabulls Housing as of September 2021.

The mortgage financier reported an 11 percent dip in its net profit at Rs 286 crore in the quarter ended September 2021 because of a decline in its loan book. The lender’s post-tax profit stood at Rs 323 crore in the same quarter of the previous fiscal.

Deputy Managing Director Ashwini Kumar Hooda attributed the fall in profit to a 12 percent decrease in the loan book in the second quarter of the financial year 2021-22, compared to the year-ago period. It disbursed retail loans of Rs 325 crore in September 2021 through its co-lending tie-ups, the lender said in a statement.

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