Global research firm CLSA has maintained a buy rating on the stock and has cut target to Rs 670 from Rs 920 per share
Share price of Indiabulls Housing Finance ended over 13 percent lower on August 7, 2019 after it reported a 24 percent fall in net profit at Rs 802 crore for the first quarter ended June 30. The company reported a net profit of Rs 1,055 crore in the corresponding period of the previous fiscal.
Global research firm CLSA has however maintained a buy rating on the stock and has cut target to Rs 670 from Rs 920 per share. The profit was weak and short of estimates on a 14 percent fall in topline. The firm has lowered earnings estimates by 30 percent and sees limited growth for FY20-21.
Indiabulls Housing Finance said on August 2 it will buy back bonds worth up to $50 million, which is a part of its $1.5 billion bond programme.
"The company will be doing a buyback of up to $50 million of the USD 350 million 6.375 per cent notes issued by the company," it said in a regulatory filing.
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