Views on Housing Development Finance Corp Ltd 3QFY2017 Results: Angel Broking

Mr. Siddharth Purohit (Sr. Equity Research Analyst- Banking, Angel Broking) on Housing Development Finance Corp Ltd 3QFY2017 Results:

"HDFC Ltd's Q3FY17 results were broadly in line with expectations. Loan growth was marginally better than expected on the back up higher growth from the non individual loans. GNPAs saw a marginal rise and consequently there was rise in provisions, but we don't see that as a cause of concern. With lending rates now becoming attractive the individual loan book should see pickup in demand in the coming quarters. Though the fundamentals remain strong for the company, owing to rich valuations the stock might remain range bound in the near term. We have a NEUTRAL rating on the stock."

Shares of HOUSING DEVELOPMENT FINANCE CORP.LTD. was last trading in BSE at Rs.1414.95 as compared to the previous close of Rs. 1366.35. The total number of shares traded during the day was 162061 in over 5286 trades.

The stock hit an intraday high of Rs. 1420.8 and intraday low of 1364.95. The net turnover during the day was Rs. 226276407.

Source : Equity Bulls

Keywords