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India bull housing finance buy India bull housing finance Buy for 313 26.07.2021 CMP 284 Technical : 1. Showing rounding bottom pattern. (A rounding bottom is a chart pattern used in technical analysis and is identified by a series of price movements that graphically form the shape of a "U". Rounding bottoms are found at the end of extended downward trends and signify a reversal in long-term price movements. This pattern's time frame can vary from several weeks to several months and is deemed by many traders as a rare occurrence) 2. Above 8-20-50 -200 EMA 1D time frame 3. MACD crossover 4. RSI 60 5. Support 257 fundamental & news 1. Rakesh Jhunjhunwala picked 2.2% stake in Indiabulls Housing Finance in June quarter 2021 2. On June 29, Indiabulls Housing Finance's board of directors approved fund raising of Rs 5,000 crore on private placement basis, and another $275 million by issuing equity shares or other instruments 3. In June, Blackrock Funds had acquired additional over 25 lakh equity shares in the housing finance company on June 11, taking the total stake to over 3 percent in the company 4. Indiabulls Housing Finance reported a 102 per cent increase in its net profit to ₹276 crore for the quarter ended March 31, 2021 as against ₹137 crore in the same period in the previous fiscal. 5. However, for 2020-21, its net profit fell to ₹1,201.5 crore from ₹2,165.92 crore in 2019-20 6. Its loan book also fell to ₹66,047 crore in the fourth quarter last fiscal from ₹73,065 crore a year ago.
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by Mantubora