NEW DELHI: Shares of Indiabulls Housing Finance have surged over 60 per cent in the last two sessions following a number of bulk deals, including one in which Morgan Stanley acquired a stake in the company.
According to the bulk deal data available on NSE, Morgan Stanley Asia (Singapore) Pte. bought 45,22,602 shares of the company at the rate of Rs 184.76 per share on Friday. This puts the transaction value at Rs 83.56 crore.
Following the deal, shares of Indiabulls Housing jumped 31 per cent on Friday and further 23-odd per cent on Monday.
The stock was trading up 21.19 per cent at Rs 247.40 on BSE. It had hit a high of Rs 250.80 during the trade. Despite the late surge in prices, the stock is down 23 per cent year-to-date as many investors are fearing a default on advances due to job losses and salary cuts.
Domestic rating agency ICRA expects that the impact of the pandemic on the livelihood of the end borrowers could be severe, leading to asset quality-related issues for housing finance players.
According to its estimates, the asset quality indicators of these entities could deteriorate by 50-100 per cent in FY21 though the reported numbers would start showing up only from results of Q3FY21.
Source: ET Markets