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Last Updated : Aug 07, 2019 04:15 PM IST | Source: Moneycontrol.com

Indiabulls Housing Finance ends 13% lower after dismal Q1 numbers

Global research firm CLSA has maintained a buy rating on the stock and has cut target to Rs 670 from Rs 920 per share

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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.

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"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.

Indiabulls Housing Finance closed at Rs 445.65, down Rs 68.45, or 13.31 percent.

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First Published on Aug 7, 2019 04:15 pm
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