Dewan Housing Finance Ltd (DHFL) share price closed higher for the second consecutive session today after one of India's biggest home loan and property finance companies said it has cleared significant amount of obligation to the tune of Rs 41,800 crore since September 2018.
DHFL share price ended 11% higher at 56.20 today compared to the previous close of 50.60 on BSE. It was the top gainer on BSE. DHFL share price has lost 90.85% during the last one year and fallen 77.47% since the beginning of this year. The smallcap stock has been gaining for the last two days and has risen 15.88% in the period.
DHFL share price opened with a gain of 2.17% at 51.70 level on BSE. It touched an intraday high of Rs 59.65 by rising 17.89%. On Monday, the firm said it is in an advanced stage of submitting its resolution process under the inter-creditor agreement as entered into by banks.
As already announced, the inter-creditor agreement will examine and firm up the terms of the resolution process by July 25, 2019 and make it operational before September 25, 2019. The firm reported a huge standalone net loss of Rs 2,223 crore in the fourth quarter ended March 31, 2019 compared to a net profit of Rs 134 crore in the corresponding quarter an year ago.
In FY'2019, DHFL reported a net loss of Rs 1,036 crore compared to net profit of Rs 1,240 crore in FY'2018.
Commenting on the company's financial performance in the quarter, Kapil Wadhawan, Chairman & Managing Director, DHFL said, "Since the last 9 months, with single mindedfocus, we have met all our financial obligations and are looking to return to business normalcy at the earliest. Since September 2018, DHFL has managed to make repayments of over Rs 41,800 crore primarily through securitization of assets and repayment collections."
Edited by Aseem Thapliyal