Intraday Spotlight: This housing finance stock has jumped by 5 per cent today

The company is a leading gainer in A group in the early morning session

PNB Housing Finance Ltd, which is promoted by Punjab National Bank, is engaged in providing financial services, has jumped by nearly 5 per cent in today’s early morning session from its previous close of Rs 402.90. The stock opened at Rs 409 and has made its day high of Rs 433. As of 10:40 am today, the stock was trading near Rs 422.55 on the BSE. The company is leading the A group when not many companies are in the green territory given the global tense situation. 

When the markets continue to tumble due to the global situation and FIIs withdrawals, this mortgage lender has rallied on the backs of the company board conducting a meeting on March 9, regarding fund raising options through the issue of equity shares. For the quarter ended December, the company reported degrowth of 20.7 per cent in revenues and a decline of 18.9 per cent in net profit on a YoY basis.  

With over three decades of operations, PNB Housing Finance has gained expertise in housing loans. It specializes in retail housing loans which constituents more than half of its loan portfolio, followed by retail non-housing and corporate loans. The stock has a 52-week high and low of Rs 924 and Rs 350, respectively.