The Indiabulls Housing Finance stock rose in early trade on Thursday after international brokerage CLSA raised its target price to Rs 1500 from Rs 1380.
The brokerage has maintained a ‘buy’ on the stock.
At 9:30 am, the stock was trading nearly 3 percent or 38 points higher at 1300 level on the BSE.
The stock of housing finance company has gained 100 percent or 652 points since the beginning of thie year. On an year-on-year basis, the stock is up 59 percent or 480 points.
Indiabulls Housing Finance’s primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.
Meanwhile, HDFC Bank chief Keki Mistry told a news channel that there is no slowdown in demand for housing credit. New project launches slowed in July-August due to introduction of Real Estate (Regulation and Development) Act, 2016 and demand for housing credit is similar to last year.