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PNB Housing Finance share gains 3% after board clears raising of

Share price of PNB Housing Finance gained 3.23% intra day to Rs 284.35 against previous close of Rs 275.45 on BSE

twitter-logoBusinessToday.In | August 20, 2020 | Updated 18:21 IST
PNB Housing Finance share gains 3% after board clears raising of
PNB Housing Finance stock has gained 22.35% in the last 5 days

PNB Housing Finance share closed higher in trade today after the firm's board approved raising equity capital worth Rs 1,800 crore through preferential/rights issue. Share price of PNB Housing Finance gained 3.23% intra day to Rs 284.35 against previous close of Rs 275.45 on BSE. The stock has gained 22.35% in the last 5 days.

The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The share has lost 60.82% in one year and fallen 35.12% since the beginning of this year.

However, in a month, the stock has gained 38.35% and risen 22.35% in a week. Total 1.56 lakh shares changed hands  amounting to turnover of Rs 4.38 crore on BSE. Later, the share closed 2.36% higher at Rs 281.95.

In July, the firm had said it would seek shareholders' approval next month to raise up to Rs 45,000 crore through debt securities. In another development, PNB Housing informed the exchanges that it has appointed Neeraj Vyas as an additional director in the category of non- executive non-independent director of the company with effect from September 1, 2020.

PNB Housing Finance reported a 10 percent decline in consolidated net profit to Rs 257.2 crore for the first quarter ended June 30, mainly due to lower disbursement amid COVID-19 pandemic. The firm had reported net profit of Rs 284.5 crore in June quarter of 2019-20.

Net interest income also slipped 22 percent to Rs 487.8 crore during April-June, as against Rs 625.5 crore in year-ago period.

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