PNB Housing Finance shares drop over 8% after 2.7% equity change hands

As per the company's March shareholding data, Asia Opportunities V Mauritius held a 9.88% stake in the company, whereas General Atlantic Singapore Fund held 9.82%.

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The has rallied 54% in the last 12 months, compared to a 19% gain in the . At 12.17 am, the stock was trading 6.1% lower at Rs 739 on BSE.

In Q4 FY24, the reported that its rose 57% year-on-year (YoY) to Rs 439 crore on account of lower credit costs even as its lending business expanded by a modest 10%. The net profit was Rs 279 crore in the year-ago period.

The lender's net interest margin was lower at 3.65% in the fourth quarter to March 31, 2024, against 3.74% in the year-ago period. Its net interest income rose 7% YoY at Rs 632 crore.

Operating profit for the quarter stood at Rs 566 crore against Rs 487 crore.

Its loan assets grew by 10% YoY to Rs 65,358 crore at the end of March, while retail loans grew by 14% to Rs 63,306 crore. Finance's corporate loan book shrank 46% in FY24 to Rs 2,052 crore as it had tried to de-risk the portfolio.

As per Trendlyne data, the average target price of the stock is Rs 915, which shows an upside of 24% from the current market prices. The consensus recommendation from seven analysts for the stock is a 'Hold'.

In technical terms, the relative strength index (RSI) of the stock is currently at 59.5. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. Additionally, the MACD is at 5.1, which is above its center and signal line, this is a bullish indicator.

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