Multibagger Stock of 2022: On Wednesday, after the Union Cabinet’s approval to continue the Pradhan Mantri Awas Yojana-Urban (PMAY-U) – “Housing for All” mission till December 31, 2024, the housing finance company’s shares took a sharp jump. In this HFC stock rally, BSE-listed Star Housing Finance Company share price touched a 52-week high on Thursday. However, profit-booking started over the counter and the stock ended in the red zone. Although, Share Market Experts are of the opinion that the chart pattern suggesting ‘Uptrend’ will see a strong rally in the Housing Finance stock and may go up. 175 per share level, once dissolved 160 levels depending on the ending.
Speaking on the reason for the housing finance stock hitting a 52-week high, Ravi Singhal, CEO, GCL Securities said, “While it was expected that the Union Cabinet would extend the deadline for the Housing for All Mission, The approval has come with a new time frame. Things are clear and now the market is extremely bullish on HFCs. This growth in HFCs should be viewed from this perspective as it is going to drive the stock for the medium to long term. has been.”
Sumeet Bagdia, Executive Director, Choice Broking, expects a strong return in the shares, saying, “The BSE listed stock is on an uptrend and may go up. After maintaining above 175 epic level 160 hurdle.” He added that the stock has strong support at 140 levels and any major fall in the stock should be seen as a buying opportunity as the stock may move towards the above levels in the next one to two months.
Star Housing Finance Share Price History
The small-cap housing finance stock has given around 58 per cent return to its shareholders, while it has given a YTD return of over 76 per cent to its positional investors. Hence, this stock is one of the potential multibagger stocks of 2022. The current market cap of this stock is 279 crores and it ended on Thursday with a trading volume of 1,97,483. Its book value per share is 34.83.
The Union Cabinet on Wednesday approved the proposal of the Ministry of Housing and Urban Affairs (MoHUA) to continue the Pradhan Mantri Awas Yojana-Urban (PMAY-U) till December 31, 2024, with a view to completing the works already sanctioned. Financial assistance is to be provided for 122.69 lakh houses by 31 March 2022.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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