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LIC Housing Finance gains on better Q4 nos; Nomura maintains buy
Revenue of the company was up 20.1% at Rs 4,655.1 crore versus Rs 3,877.6 crore.
Share price of LIC Housing Finance gained 1.5 percent intraday Monday after the company reported better numbers for the quarter ended March 2019.
The company's Q4 net profit was up 16.7% at Rs 693.6 crore versus Rs 594.3 crore on the same quarter last year.
Revenue of the company was up 20.1% at Rs 4,655.1 crore versus Rs 3,877.6 crore.
The company board has approved the recommendation of dividend for the financial year 2018-2019 at 380 percent i.e. Rs 7.60 per equity share of Rs 2 each.
Nomura has maintained a buy rating on stocks with a target at Rs 500 per share.
According to the firm, the Q4 performance of the company was mixed, with strong NII performance.
The stable liability profile is offset by a material miss on asset quality, while disruption in capital markets is a medium-term positive for the company.
The valuations remain reasonable at 1.2-1.3x FY21 book, it added.
Morgan Stanley has maintained equal-weight call with a target at Rs 500 per share.
The valuation is cheap, but growth mix & rising NPLs keep us equal-weight on the stock, said Morgan Stanley
Growth & profitability have been supported by non-housing segments.
Loan growth pick-up & recovery in NPLs are upside risks, while home loan growth slowdown is a downside risk, it added.
At 10:54 hrs LIC Housing Finance was quoting at Rs 487.80, up to Rs 2.70, or 0.56 percent on the BSE.
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