Shares of Home First Finance Company India Ltd plunged about 9 per cent during the early trade on Thursday over the bulk deal buzz. The heavy trading volumes of the company on exchanges suggest that the deal has already been executed during the early hours.
On BSE, a total of 5.94 lakh equity shares of Home First Finance amounting to Rs 40.95 crore exchanged hands as of 10.35 am. Similarly, more than 93.51 lakh equity shares worth Rs 641.72 crore of the company were traded at the same time.
Shares of Home First Finance Company plunged almost 9 per cent to Rs 670.80 on Thursday following the bulk deal. However, the stock regained some ground during the trade. The scrip had settled at Rs 736.60 on Wednesday.
Shares of Homes First Finance Company have erased more than one-third of their value from a 52-week high of Rs 1,004.40 in August 2022. The scrip is down 25 per cent in the last six months, whereas it has shed 10 per cent in 2023 so far.
Home First Finance Company is an affordable housing finance company. It primarily caters to the low and middle-income groups by offering them housing loans to construct and buy homes. It further offers other loans like loans against property, developer finance loans, and loans to buy commercial property.
Home First Finance was listed at the bourses in February 2021 as the company raised Rs 1,154 crore via its primary stake sale by selling its shares in the range of Rs 517-518 apiece.
Brokerage firm ICICI Securities gave a buy call with a target price of Rs 995 on Home First Finance on January 27, 2023. Bonanza Portfolio had a similar rating with a target price of Rs 928 on the stock. However, Ambit gave it a sell rating with a target price of Rs 601.
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