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Indiabulls Housing Finance shares hit upper circuit on HDFC deal

Indiabulls Housing will originate retail home loans as per jointly drawn up credit policy and retain 20 percent of the loan in it's books and 80 percent will be on HDFC books.

April 22, 2021 / 11:27 AM IST
 
 
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Indiabulls Housing Finance share price jumped over 10 percent intraday on April 22 after the company tied up with HDFC for a co-lending partnership.

The stock was trading at Rs 181.80, up Rs 16.70, or 10.12 percent. It has touched an intraday high of Rs 185.60 and an intraday low of Rs 169.25. The scrip touched the upper circuit of Rs 181.60. It also witnessed a spurt in volume by more than 1.52 times and was trading with volumes of 1,526,882 shares, compared to its five day average of 865,079 shares, an increase of 76.50 percent.

"Indiabulls Housing Finance Limited has entered into a strategic co-lending partnership with HDFC Ltd to offer housing loans to homebuyers at competitive rates," the company said in an exchange filing the BSE.

Indiabulls Housing will originate retail home loans as per jointly drawn up credit policy and retain 20 percent of the loan in its books and 80 percent will be on HDFC books. It will service the loan account throughout the life cycle of the loan. Co-lending partnership with HDFC Ltd will act as a cornerstone to IBH’s new balance-sheet light growth business model, the company added.

Moreover, technology-led co-lending will help the company offer a convenient and seamless experience to its customers as well as help expand its reach to Tier III and IV towns of the country, Indiabulls Housing Finance said.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge with FII / FPI or institutions increasing their shareholding.

Moneycontrol technical rating is neutral with moving averages and technical indicators being bearish.

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Moneycontrol News
first published: Apr 22, 2021 11:27 am

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