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Sector News

Housing finance cos scorch the charts on upgrade hopes

Sep 18, 2019

Shares of top-rated housing finance companies (HFCs) hit a one-year high on Tuesday as investors bet on the gains to the sector from the government's ambitious target of ensuring a home for every family by 2022. 

HDFC, Indiabulls Housing, DHFL, LIC Housing, GIC Housing and PNB Housing caught the investors' fancy amid the possibility of rating upgrades. 

“Outlook for HFCs is strong given the government's push for the sector," said Karthik Srinivasan, group head for financial sector ratings at ICRA. “There is no material asset quality concern, while demonetisation has not impacted the HFCs adversely. Lower cost of funds help in supporting interest margins." 

The sector is doing well, but “rating revisions (if any) would also factor in entity-specific trends and developments," he said.

Shares of HDFC, the country's largest mortgage lender, hit a 52-week high at Rs 1,556, before paring the gains to close more than 1% up at Rs 1,548 on the BSE on Tuesday. 

Eight HFCs hit their one-year highs on Tuesday, show data from ET Intelligence Group. These shares have returned between 3% and nearly 43% since the beginning of this month.  

Source:http://economictimes.indiatimes.com/articleshow/58375452.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

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