The share of GNP Housing Finance, a subsidiary of PNB Bank, continues to be bullish these days. This stock has doubled investors’ money in almost 10 days. The reason for this rapid increase in money has been touching the upper circuit for the sixth time in a row till Monday. Although there is some fall in this stock today, but in the morning it has also crossed the level of Rs 900. Let’s know about this share.
PNB Housing Finance Business
As the name suggests, this company is in the business of home loans. At present, the interest rates of PNB Housing Finance start from 7.55 percent. The company provides loan to value ratio i.e. up to 90 percent of the property value. Not only this, this company also gives home loans for up to 30 years. PNB Housing Finance Limited is a registered housing finance company. The company offers loans on easy terms to both salaried and self-employed professionals for home purchase, repair, extension, construction and improvement.
Know how PNB Housing Finance is booming
The stock of PNB Housing Finance has been trending up for some time now. The beginning of this boom has come recently after a meeting of the company’s board. In this meeting, the board of the company has approved a proposal to raise Rs 4000 crore. Since then this stock has started a bullish phase, due to which the rate of this stock has doubled in 10 days. Today i.e. in the afternoon on Tuesday, this stock is trading at the level of Rs 850.50 in NSE. Today this stock has made the day’s lowest level of Rs 837.35 and the highest level of Rs 925.00. At the same time, on BSE, this stock is trading at a level of Rs 850.20 in the afternoon on June 8. Today this stock has made its lowest level of Rs 836.65 and highest level of Rs 924.00. On the other hand, the share of PNB Housing Finance on Monday (7 June 2021) rose 5 percent to 880 on the BSE. Closed at Rs 65 level. The stock closed at Rs 440 on 31 May 2021. Thus, in just 6 trading days, the share of PNB Housing Finance has increased by 101%.
Touched a three-year high
Since the announcement of PNB Housing Finance to raise Rs 4000 crore, this stock has been making continuous highs. Due to this, not only has it doubled in about 10 days, but this stock has also been able to make the highest level of 3 years. Share of PNB Housing Finance is trading at its highest level since June 2017. The company had said on Monday that the board has approved a proposal to raise up to Rs 4,000 crore by issuing equity shares and convertible warrants. The money will be raised from entities led by Carlyle Group firms.
Aditya Puri to invest in PNB Housing Finance
Aditya Puri, former managing director of HDFC Bank, will also take a stake in this Rs 4000 crore bond. The stake will be won through his family investment firm Salisbury Investments. Apart from this, he will also be the nominee director of Carlyle.