India's Bajaj Housing Finance shares jump 7% on day two of trading

Housing and Urban Development

17/09/2024 05:05

** Shares of Bajaj Housing Finance  BAJO.NS  rise 7.2% to
176.85 rupees on day two of trading, after hitting upper circuit
at 181.50 rupees briefly
    ** BAJO shares had opened at 150 rupees, more than double
its IPO price of 70 rupees on Monday, making it the fourth-best
major listing in a red-hot Indian IPO market this year
    ** Analysts have flagged investor confidence in India's most
valuable listed home loan financier on pedigree, attractive IPO
pricing and strong demand for luxury home loans
    ** Phillip Capital initiates coverage on BAJO with "buy"
rating and a target price of 210 rupees
    ** Expects BAJO's focus on home loan customers with average
salary of 1.4 million rupees to strengthen pricing powers
alongside benign credit costs to result in strong return ratios
    ** Rivals HUDCO  HUDC.NS , LIC Housing Finance  LICH.NS  PNB
Housing Finance  PNBH.NS  that had fallen between 2-7% on
Monday, were flat on the day
    ** BAJO stock last closed up 135.7%


 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))