Thursday, Jun 30, 2022
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After 7% Jump, Indiabulls Housing Finance Shares Plunge About 5%. Should You Buy?

Indiabulls Housing Finance share price soared on reports that Sameer Gehlaut, the founder of mortgage financier, will sell an 11.9 percent stake in the company.

The shares of Indiabulls Housing Finance, which jumped 7 per cent to a high of Rs 282.60 on the BSE in Thursday’s intra-day trade, have now slumped about 5% to Rs 252.70 at 12.42 PM.

The share price soared on reports that Sameer Gehlaut, the founder of mortgage financier, will sell an 11.9 percent stake in the company via a block window deal, according to a report published in Business Standard.

At 09:27 AM, the stock erases its intra-day gain and was trading flat at Rs 265.40 over its previous close. It hit a low of Rs 263.90 in intra-day trade on BSE.

Sameer Gehlaut, the owner of Indiabulls Housing Finance, will sell an 11.9 percent stake in the company via a block window deal, Moneycontrol reported, citing CNBC TV 18.

The deal to offload his stake is likely to be in the range of Rs 262.35-Rs 267.60 per share, sources told the CNBC TV 18 news channel, adding that the entire deal is pegged at over Rs 1,400 crore.

As on September 30, 2021, Sameer Gehlaut (0.11 per cent) and Sameer Gehlaut IBH Trust (13.89 per cent) have collectively held 14 per cent stake in Indiabulls Housing Finance, the shareholding pattern data shows.

Meanwhile, here are the key details that would help investors to decide whether to buy this stock or not, according to a report published in The Economic Times.

Financials

For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 2233.08 Crore, down -3.98  per cent from last quarter's Total Income of Rs 2325.75 Crore and down -13.48  per cent from last year same quarter Total Income of Rs 2581.00 Crore. The company reported a net profit after tax of Rs 286.34 Crore in the latest quarter.

Promoter/FII Holdings

Promoters held a 21.69 per cent stake in the company as of 30-Sep-2021, while FIIs owned 37.07 per cent, DIIs 2.45 per cent.

Earlier few days back, some brokerage houses/analysts had share their veiew on the share target of Indiabulls Housing Finance. Below are some quick recommendations, according to a report published in The Economic Times.

Kotak Securities

Kotak Securities Limited had given a buy call on Indiabulls Housing Finance with a target price of Rs 265. The period given by the analyst is Intra Day when Indiabulls Housing Finance price can reach defined target.

IIFL

IIFL had given a  call on  Indiabulls Housing Finance with a target price of Rs 260.

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