PNB Housing Finance shares jump over 5%, hit 52-week high on Rs 2,500 crore NCD plans
PNB Housing Finance surged 5.4% to hit a 52-week high of Rs 1,109.9 in Thursday's trading on the BSE. The rally came after the company announced plans to raise nearly Rs 2,500 crore through non-convertible debentures (NCDs) on September 9.
In an exchange filing, the company stated, «A meeting of the board of directors is scheduled for Monday, September 9, 2024, to consider and approve the issuance of Non-Convertible Debentures up to Rs 2,500 crore on a private placement basis, in tranches over the next six months.»
As of 10:38 am, the stock was trading 3.5% higher at Rs 1,089.8 on the BSE. Year-to-date, the stock has surged 37%, and it has gained over 50% in the past three months.
Domestic brokerage HDFC Securities has a buy recommendation on PNB Housing Finance with a target price of Rs 1,164, suggesting a potential 7% upside from the current price.
However, Trendlyne data shows an average target price of Rs 975, indicating a potential downside of 9%. The consensus recommendation from 10 analysts remains a 'Buy.'
On the technical front, the relative strength index (RSI) stands at 80.8, signaling that the stock is in overbought territory. PNB Housing Finance is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).
In Q1 FY25, the company posted a 25% rise in profit, driven by strong demand for home loans. Consolidated net profit increased to Rs 433 crore, up from Rs 347 crore in Q1 FY24, while total disbursements rose 19% to Rs 4,398 crore. Net
