Share price of PNB Housing Finance was up nearly 3 percent - 26 Oct 2017

Share price of PNB Housing Finance was up nearly 3 percent after the company reported strong Q2 number for the quarter ended September 2017.

Its net profit rose 51 percent to Rs 208 crore while the company's total income for the quarter stood at Rs 1,316 crore, up from Rs 970 crore in the year-ago period.

Research and broking firm Kotak Securities has retained its sell rating on PNB Housing Finance but has increased its target price to Rs 1,250 from Rs 1,170 per share.

The research firm believes that the company continued strong growth traction despite headwinds during GST and RERA. It believes that the decline in borrowing costs and support margin is likely to lead to strong earnings growth.

Nifty Bank index turned positive, backed by PNB, Yes Bank, IndusInd Bank, Federal Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank that gained 0.4-3 percent.

ICICI Bank, Bank of Baroda, SBI and Canara Bank fell 1-3 percent on profit booking.

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