11 Aug , 2022 By : Kanchan Joshi
Rakesh Jhunjhunwala portfolio: On account of the union cabinet approval for continuation of Pradhan Mantri Awas Yojana-Urban (PMAY-U) - “Housing for All" Mission up to 31st December 2024 and better than expected Q1FY23 results, Indiabulls Housing Finance shares went upside in early morning deals. Indiabulls Housing Finance share price today opened upside and went on to hit intraday high of Rs125.40 apiece levels, delivering over 2 per cent rise in early morning session.
Speaking on the reason for risen in this Rakesh Jhunjhunwala portfolio stock, Ravi Singhal, CEO at GCL Securities said, "The Housing finance companies are expected to benefit from Wednesday's cabinet approval for continuation of Pradhan Mantri Awas Yojana-Urban (PMAY-U) - “Housing for All" Mission up to 31st December 2024. Apart from this, the management of the company has been restrucutured recently that helped the company report better than expected Q1 results on Wednesday. So, both the factors can be attributed as major reason for rise in this Big Bull-owned stock." He said that the stock is showing good RSI numbers and is poised for strong upside swing on the chart pattern as well.
Echoing with Ravi Singhal's views, Sumeet Bagadia, Executive Director at Choice Broking said, "The stock is facing strong hurdle at Rs130 and can go up to Rs150 levels in short term after sustaining above Rs130 apiece levels. One can buy the stock till Rs110 maintaining stop loss below Rs100 per share levels and hold the stock for short term target of rs150."
Advising positional investors to hold the stock for long term, Ravi Singhal of GCL Securities said that one should keep on accumulating the stock till it is above rs100 but start buying only when it is below rs120. Singhal said that the stock may go up to Rs200 apiece levels in long term.
The Union Cabinet, chaired by the Prime Minister Narendra Modi on Wednesday has approved the proposal of Ministry of Housing and Urban Affairs (MoHUA) for continuation of Pradhan Mantri Awas Yojana-Urban (PMAY-U) up to 31st December 2024 wherein financial assistance is to be provided for the completion of already sanctioned 122.69 lakh houses till 31st March 2022.
The mortgage financer on Wednesday announced Q1 results reporting a marginal rise in Profit After Tax (PAT)of 1.80 per cent to Rs287 crore in April to June 2022 quarter.
According to Indiabulls Housing Finance shareholding pattern for April to June 2022 quarter, Rakesh Jhunjhunwala holds 55 lakh shares or 1.17 per cent stake in the company.
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