Nomura neutral on Indiabulls Housing, target Rs 1400; share up 1%
Share price of Indiabulls Housing Finance rose 1.6 percent intraday Friday as broking house Nomura has maintained neutral rating on the stock with a target price of Rs 1400 per share.
The brokerage house highlighted that the CRISIL has upgraded the company to AAA rating, which was a positive outcome.
Further, valuations at 3x September19 book looks reasonable given 15 percent correction in last 2 months.
The stake sale in Oak North Bank with rating upgrade will aid the stock performance, the broking firm said.
At 10:50 hrs Indiabulls Housing Finance was quoting at Rs 1,204.55, down Rs 0.95, or 0.08 percent on the BSE.
The share touched its 52-week high Rs 1,374.95 and 52-week low Rs 639.80 on 23 October, 2017 and 27 December, 2016, respectively.
Currently, it is trading 12.39 percent below its 52-week high and 88.27 percent above its 52-week low.
Posted by Rakesh Patil