Shares of Home First Finance surged up over 8% on Thursday to hit an intraday high of ₹922.
What Happened: Shares of the NBFC (non-banking financial company) are upbeat today as global research firm Morgan Stanley assigned an ‘overweight’ call on the stock with a price target of ₹1,050. The target indicated an around 23% upside from the stock’s last closing price of ₹846.45.
The firm in its note on the NBFC sector said that the June quarter results were a mixed bag. The analysts added that the rising inflation will put pressure on NBFC stocks. The firm said that Home First has an attractive valuation. Shares of the company have gone down over 5% in the past year.
See Also: This Small Cap Stock Has Already Surged 80% This Year, But Analyst Sees Another 40% Rally
The Goldman Sachs-backed company – Goldman Sachs India Equity Funds owns a 1.90% stake in the company – released its June quarter results in late July. The lender’s profits surged 34.88% year-over-year to ₹69.1 crore.
Domestic brokerage firms ICICI Securities and Motilal Oswal also have a ‘buy’ rating on the stock with target prices of ₹1,030 and ₹1,010 respectively.
Price Action: Home First’s share price was up 5.39% to trade at ₹892.10 in the early hours of trading on Thursday.
Read Next: Why Adani Power Shares Are Upbeat Today
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.