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Indiabulls Housing Finance Shares Rally 40% in 3 Days; CLSA Raises Target Price

The Indiabulls Housing Finance stock climbed as much as 12.5% to hit the day’s high of Rs 376.70. The stock has soared by a massive 40% in the last three trading sessions, including today’s rise, and by over 65% in the last one month.

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Updated:November 29, 2019, 11:25 AM IST
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Indiabulls Housing Finance Shares Rally 40% in 3 Days; CLSA Raises Target Price
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Indiabulls Housing Finance Ltd shares continued their rally on Friday, November 29, after a government affidavit filed in the Delhi high court said it did not find any irregularities in loans extended by the company to certain entities as alleged in a public interest litigation (PIL).

The Indiabulls Housing Finance stock climbed as much as 12.5% to hit the day’s high of Rs 376.70. The stock has soared by a massive 40% in the last three trading sessions, including today’s rise, and by over 65% in the last one month. However, it still down 57% year-to-date.

In the affidavit, the ministry of corporate affairs revealed that the loans extended to ADRG, DLF, Amricorp had been repaid and those given to Vatika and Choridia were ‘standard accounts’.

The affidavit also stated that the inspection report of Indiabulls Real Estate was yet to be received and that violations pointed out in the inspection report of Indiabulls Ventures were being examined.

“As far as the loans given by IBHF to five companies — DLF, Amricorp, Vatika, ADRG and Chordia reported to be Standard Accounts. Remaining issues/violations reported in the inspection report are under examination and same will be dealt as per law,” said an affidavit filed by the ministry of corporate affairs (MCA).

A PIL was reported to have been filed on 27 September alleging roundtripping of funds by the company. The Delhi high court issued a notice to the company, Reserve Bank of India, Securities and Exchange Board of India and ministry of corporate affairs. The next hearing of the case will be held on December 15.

Foreign brokerage firm CLSA retained ‘buy’ rating on the stock with a target price of Rs 450 against Rs 350, saying that clarity on court case can lend relief to the company.

“Clarity can improve the company’s access to the debt market, aiding liquidity and growth base case continues to assume marginal growth till FY21. A 200 bps higher loan growth can lend a 3% earnings upside for the company in FY21,” CLSA said.

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