India's Home First Finance rises nearly 3% on positive growth view

Cholamandalam Financial Holdings

02/03/2023 07:06

** Shares of Home First Finance  HOME.NS  rise as much as
2.73% to 753.15 rupees
    ** Co is Kotak Institutional Equities' top pick among
affording housing finance firms 
    ** Although high rates increase anxieties in non-banking
financial companies' (NBFC) space, HOME's high growth trajectory
and scalability makes it attractive: Kotak 
    ** No red flags in demand or asset quality performance in
NBFC space so far, says Kotak 
    ** Brokerage, however, says longer-than-expected cycle of
policy rate hikes is likely to exert pressure on net interest
margins of NBFCs
    ** Adds Cholamandalam Finance  CHOL.NS  and Shriram Finance
 SHMF.NS  as other top picks
    ** Of the 13 analysts tracking HOME, 12 maintain "buy" and
one suggest "sell"; median PT is 995 rupees - Refinitiv data




 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))