Shares of Indiabulls Housing Finance Limited surged about 4percnet intraday on bourses on Thursday morning session, as the mortgage lender plans to borrow Rs26,000-Crores in the fiscal year 2019 after raising Rs17,300-Crore in last fiscal to meet profit target. Reacting to this development, shares of the company reached to an intraday high of Rs904 per share on the NSE and BSE. The stock has posted six gains out of eight sessions, and becomes the top percentage gainer on the Nifty index.
Housing finance companies have gone sluggish on lending since Sept 2018 that impacted sales of homes, particularly in the affordable housing segment. However, with larger Housing finance companies returning to growth mode, along with GST rationalization effective from April month, the affordable housing sector should witness a strong emergence over the next few months, Indiabulls said in a statement.
Shares price of Indiabulls Housing Finance is currently (at 11.40am) quoted at Rs890.50, per share, up by Rs20.65 or 2.33percnet, from its opening price of Rs862 on the NSE. In comparison, Nifty quotes at 11634.45 down 9points and the Sensex at 38843.73 down 33points, at the same time.