India's Aavas Financiers hits near 3-month high as assets under management rise

Aavas Financiers

05/04/2024 07:30

(Adds comments from Citi note in bullet 3)
    ** Shares of Aavas Financiers Ltd  AVAS.NS  up 6.3% at 1,544
rupees, their highest since Jan. 17
    ** Mortgage bank lender's assets under management (AUM) up
22% y/y as of March-end, disbursements up 20%
    ** Citi believes AVAS can maintain margins despite rise in
financing costs, sees AUM rising 24% in FY25 and 25% in FY26
    ** Jefferies maintains "Buy", with PT of 1,940 rupees; says
it sees growth improving on the back of tech rollout, other
initiatives
    ** Around 630,000 shares traded vs 30-day avg of ~691,000
shares
    ** Nineteen analysts tracking AVAS rate it "Buy" on avg;
median PT is 1,692.5 rupees - LSEG data
    ** Stock turns YTD positive to trade up 0.6%


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))