Buy Housing Development Finance Corporation, target price Rs 2660: Religare Broking

Religare Broking has buy call on Housing Development Finance Corporation with a target price of Rs 2660.0. The current market price of Housing Development Finance Corporation Ltd. is Rs 2469.75.
Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 448137.74 Crore) operating in NBFC sector.

Housing Development Finance Corporation Ltd. key Products/Revenue Segments include Interest, Income From Sale Of Share & Securities, Dividend, Other Services, Fees & Commission Income and Rental Income for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 23193.32 Crore, down -33.85 % from last quarter Total Income of Rs 35059.75 Crore and down -25.18 % from last year same quarter Total Income of Rs 30997.13 Crore. Company reported net profit after tax of Rs 3388.96 Crore in latest quarter.

Investment Rationale
Steady rise after the base formation above the major moving averages. Expect a catch-up move now

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 67.75 per cent, DIIs 21.02 per cent.