Indiabulls Housing Finance share hit upper circuit of 10% today despite the firm reporting a 54 per cent fall in its Q2 net profit. The share gained after the company's net profit was higher by 18.5 per cent, from Rs 272.84 crore in the preceding quarter ended June.
Gross non-performing assets (NPAs) stood moderate at 1.98 per cent, which led to positive sentiment around the stock.
Share of the housing finance firm rose 10% in early trade to Rs 175.30 against previous close of Rs 159.40 on BSE.
The stock has gained 21.82% in the last 6 days. The share touched an intraday high of Rs 175.3, rising 9.97%. The share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
Indiabulls Housing Finance stock has lost 27.48% in one year and fallen 44.79% since the beginning of this year.
However, the share has gained 19.45% in one week. Total 20.56 lakh shares changed hands amounting to turnover of Rs 35.23 crore on BSE.
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Net profit fell to Rs 323.20 crore for the second quarter ended September 30 against net profit of Rs 702.18 crore in the corresponding quarter of the previous financial year.
Total income fell 25.9 per cent to Rs 2,581 crore during July-September 2020 as compared with Rs 3,481.40 crore in the year-ago period, Indiabulls Housing Finance said.
On a standalone basis, the net profit in the September 2020 quarter declined 53.85 per cent to Rs 235.37 crore, against Rs 510.09 crore a year ago. Total income fell to Rs 2,233.07 crore, from Rs 2,988.07 crore a year ago.