DHFL to raise funds via issue of preference shares

India Infoline News Service | Mumbai | January 11, 2017 18:10 IST

Dewan Housing Finance Corporation (DHFL), a housing finance company has surged as much as 3.6% to close at 264.50 levels recording its 6th consecutive positive closing.

Dewan Housing Finance Corporation, DHFL
Dewan Housing Finance Corporation (DHFL), a housing finance company has surged as much as 3.6% to close at 264.50 levels recording its sixth consecutive positive closing. The company announced that it will hold a board meeting on January 16 to seek approval of its directors for raising funds by way of issue of preference shares. Terms will be decided by the board of directors.

DHFL has been in the news since last week, after the company decided to decrease its home lending rate by 50 bps to 8.6% from the 9.1% earlier, after other major housing finance lenders and public sector banks cut their interest rates.

The stock of DHFL broke out of its resistance at 259 levels and the 50/100 days EMA levels of 253-256. However, it has fallen consistently by 30% for three weeks starting November 01, 2016 and has a long way to go to recover the losses and rise above 330 levels. 


Stock view:-

Dewan Housing Finance Corporation Ltd ended at Rs 264.5, up by Rs 9.2 or 3.6% from its previous closing of Rs 255.3 on the BSE.

The scrip opened at Rs 256.75 and touched a high and low of Rs 267.25 and Rs 256.3 respectively. A total of 3670022(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 7994.1 crore.

The BSE group 'A' stock of face value Rs 10 touched a 52 week high of Rs 337 on 20-Oct-2016 and a 52 week low of Rs 140.55 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 257.9 and Rs 242.65 respectively.

The promoters holding in the company stood at 39.31 % while Institutions and Non-Institutions held 33.37 % and 27.32 % respectively.
The stock traded above its 100 DMA.

***Note: This is a NSE Chart

 

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