Shares of Indiabulls Housing Finance rose over 9% today after the firm said its board on March 22 will consider fund-raising through bonds, in one or more tranches, on a private placement basis. The mid cap stock touched an intraday high of Rs 172, rising 9.62% on BSE.

Indiabulls Housing Finance stock is trading higher than 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages. The stock has lost 26.09% in one year and fallen 27.11% since the beginning of this year.

A total of 4.98 lakh shares changed hands amounting to a turnover of Rs 8 crore on BSE.

Market cap of the firm rose to Rs 7,518 crore.

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The stock hit a 52-week high of Rs 313 on June 16, 2021 and a 52-week low of Rs 130 on March 8,2022.

The company in a communication to bourses said, “A meeting of the board constituted Committee of the Company is scheduled to be held on Tuesday, March 22, 2022, inter alia, to consider and approve raising of funds through issue of secured and/or unsecured bonds, in one or more tranches, on private placement basis.”

The firm reported an 8 per cent year-on-year (YoY) fall in its net profit for the October-December quarter at Rs 302.97 crore against Rs 329.32 crore in the corresponding quarter of the previous fiscal.

On a quarter-on-quarter (QoQ) basis, the private sector lender’s profit registered a 5.81 per cent growth. Sales fell 9.51% to Rs 2274.36 crore in the December quarter against Rs 2,513.25 crore in Q3 of last fiscal.

Operating profit excluding other income fell 6.89% to Rs 2,017.59 crore in Q3 against Rs 2,166.86 crore in the corresponding quarter of the previous fiscal.

Source : Business Today.In