The company’s ability to increase outstanding borrowings will be the key to sustainable revenue and profit growth, Morgan Stanley says
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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Volatility marred the share price of real estate finance company Indiabulls Housing Finance Ltd for the second day on December 17, with a 8.21 percent drop, driving Morgan Stanley to assign an ‘underweight’ rating on the stock.
At 2:55pm, Indiabulls Housing Finance was quoting at Rs 229.50, down Rs 24.80, or 9.75 percent, and ended the day at Rs 233.15. It had opened lower at Rs 252.95, plunged to Rs 215.9 in the morning trade itself, but recovered slightly later on.
The share slipped into a volatile phase after the news of stake sale by the company’s founder Sameer Gehlaut on Thursday.
He sold 11.9 percent holding through a block deal and informed the Board of Directors of the company through an email, stating that he would step down from the board by the end of this financial year.
Gehlaut and his promoter company now hold 9.8 percent in the mortgage lender.
The share, however, reflected its strong base with investors like Blackstone Group and Abu Dhabi Investment Authority picking up significant stakes on Thursday.
But the persistent volatility in the share price prompted Morgan Stanley to rate it underweight. “The company’s ability to increase outstanding borrowings will be the key to sustainable revenue and profit growth,” it said.
Indiabulls Housing Finance is now embarking on an asset-light business model which will be led by co-lending. “A healthy mix of on-and-off balance sheet business will be an ideal outcome,” Morgan Stanley said.
The brokerage firm has set a target price of Rs 175 per share for the company.
