stock market today Mortgage loan company stock has risen over 13 per cent in morning deals, on account of LIC Housing Finance’s strong third quarter earnings report. LIC Housing Finance shares opened today with an upper margin of close 13.50 per share and K went to its intraday high At the level of 394.20, a growth of about 14 per cent was registered today. However, stock market experts are still bullish over the counter and are expecting it to reach the level of 440 in the immediate short term.
According to stock market experts, this rise in the share price of LIC Housing Finance is due to the strong Q3FY22 results announced yesterday. The mortgage loan company has registered a growth of 6 percent in its Profit After Tax (PAT) 767.33 crore for the recently ended December 2021 quarter. The mortgage lending company had reported 727.04 crore PAT in the last financial year. Experts further said that these strong earnings in the third quarter could be possible due to growth in its loan book and decline in provisioning.
Speaking on the reason for the rise in LIC Housing Finance shares; Avinash Gorakshakar, Head of Research, Profitmart Securities said, “LIC Housing Finance share price has skyrocketed today as the mortgage lender company reported strong Q3 earnings yesterday. It has reported 767.33 crore PAT in Q3FY22 as against PAT in Q3FY21 727.04 crores. They have reported a substantial drop in provision Q2FY22 to . 665 crore in 355 crore in Q3FY22 thereby increasing their income. In addition, the personal loan book of the company has increased 2,04,444 Cr to 2,29,321 crore, an increase of around 12 per cent on a year-on-year basis.” He added that one can buy the counter and hold it for a long time as housing finance companies continue to report better quarterly earnings in the coming quarters as well. Can keep.
Expect a breakout in the counter in the near future; Sumeet Bagdia, Executive Director, Choice Broking said, “LIC Housing Finance shares are trading near their 52-week low, which makes it an ideal buy at a discounted price. Also, the stock is highly bullish on the chart pattern. is visible and it may soon give breakout 400 levels depending on the ending. After this breakout, the stock is expected to be very bullish and may go up 425 per share level in the immediate short term. However, one can hold counter to the short term goal of Maintaining stop loss along with 440 360.” He added that short term traders can buy counter to the above targets at current levels while maintaining stop loss 360 levels.
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