Bajaj Housing Finance sets off lifting tides in stock market
Image credit X.com @BSEIndia
Housing finance shares gain in lackluster show in stock market
By S Jha
New Delhi, September 13: Bourses trade flat to negative on Friday. Bank Nifty maintained momentum through the sessions.
The street buzzed with the Monday listing of the Bajaj Housing Finance. The initial public offering from the Bajaj stable was the buzz on the street.
The grey market premium of the Bajaj Housing Finance suggests as per reports near 90 per cent listing gains for the lucky allotees. The issue was subscribed 67 times.
The Bajaj Housing Finance IPO buzz brought spotlight on the listed housing finance companies. Home First Finance, the last housing finance company from Bengaluru to list, gained over 11 per cent on Friday.
Aptus Value Housing Finance gained over four per cent. Can Fin Home finance was also higher by over four per cent.
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The LIC Housing Finance also traded higher. The gains in the listed housing finance companies was not solely because of the buzz around the Monday listing of the Bajaj Housing Finance.
The US Federal Reserve is slated to meet on September 18. The growing buzz on the street is about 0.25 percentage rate cut, a first in several years. The European Central Bank with rate cut has taken the lead.
With rate cut soon on the horizon, the housing sector is back in the reckoning. This was seen with the realty sector being the top gainer on the street on Friday.
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DLF, Godrej Properties, Suntec Realty, and others gained two per cent and more. The rate cuts are likely to bring spotlight on the housing sector per market participants.
The showstopper of the day was Godfrey Phillips. The cigarette manufacturer rose by over 10 per cent on Friday.
The share of Godfrey Phillips has gained 67 per cent in just one month. The company is going to announce 1:1 bonus shares.
Jubilant Pharmova and Jubilant Ingrevia have been trending in street for a few days. The gains in their counters are also due to the focus on the pharmaceutical sector.
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But the share of Jubilant Pharmova has gained 38 per cent in just one month. It has been higher by 113 per cent in the last six months.
The share of Jubilant Ingrevia has gained over 11 per cent in the last one month. It has been higher by 72 per cent in the last six months.
Disclaimer: This article makes no recommendation for buy or sell of shares of any company.
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