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LIC Housing Finance Slips Almost 9pct Post Block Deal

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NEW DEHLI, INDIA: One of the largest housing finance companies in India, LIC Housing Finance, had its shares drop as much as 9.36% to Rs 428.35 per share, a record low in eight months after several block deals were struck in the counter day.

According to media reports, some marque investors are likely to sell about 6.7% shares of LIC Housing Finance. The deal was likely in the price range of Rs 425.15 to 449.50 per share.

Fidelity Investment Trust held 3.41% stake in the housing finance company as on June 30, 2019, with Bank of Muscat India Fund and Government Pension Fund Global having 2.28% and 1.83% stakes, respectively, according to shareholding pattern available on the BSE.

LIC Housing Finance shares dived 14.05% in five trading sessions to its present market price of Rs 427.55, from a recent closing high of Rs 489 on Wednesday, August 14, 2019.

For the quarter ended June 30, 2019, the housing finance firm posted a 7.39% year-on-year increase in its consolidated net profit at Rs 609.13 crore, while total revenue from operations rose to Rs 4,815.57 crore for the first quarter as against Rs 4,068.93 crore.

“The business environment continued to be quite challenging. However, despite that, the company’s outstanding loan book grew consistently, especially on the home loan segment,” LIC Housing Finance MD & CEO Siddhartha Mohanty had said.

On the BSE, 459.14 lakh shares were traded in the counter thus far compared with average daily volumes of 66,000 shares in the last one quarter.

The stock had hit a high of Rs 437.15 and a low of Rs 420.30 so far during the day. The stock hit a 52-week high of Rs 586.80 on July 5, 2019, while it recorded a 52-week low of Rs 387.60 on October 5, 2018.

Source Link: https://www.livemint.com/market/stock-market-news/lic-housing-drops-9-to-lowest-in-8-months-after-multiple-block-deals-1566460368208.html

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Ezra Ondara

Ezra Ondara

Ezra Ondara is a freelance writer and journalist with a keen interest digital marketing, finance, real estate and insurance. He has a nose for news in these key areas and is determined to keep online readers and enthusiasts up to date with real stories as they happen from all around the globe. When he’s not poking his nose into the business world, he will be watching the Premier League over the weekend or out of town with his family.

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