May 10, 2019 / 5:42 AM / 3 months ago

BUZZ-India's PNB Housing sees best day in over 1 month on Q4 profit growth

** Shares of PNB Housing Finance Ltd rise as much as 8.8% to 761.95 rupees, their biggest percentage gain since April 1, 2019

** The housing finance provider, on Thursday, posted here a 47% jump in March-qtr profit due to stronger net interest margin and lower provision

** Jefferies’ analysts are concerned around potential stress in developer book and a possible capital raise may weigh on valuation multiples

** Jefferies retains ‘hold’

** Over 1.6 mln shares change hands by 0530 GMT, compared with 30-day average of 607,237 shares

** Meanwhile, the shares are down 24.2% this year, while peers Indiabulls Housing Finance is lower by 20.17%, while Dewan Housing Finance Corporation has fallen 53.5% as of last close

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