GIC Housing Finance Jumps 18% After Block Trade

On Wednesday, shares of GIC Housing Finance Ltd rose as much as 18.3 percent to Rs 128.9 on NSE, the biggest single-day gain in over two months and trading at the highest level in six months.

The stock made significant gains on Tuesday as well, when Raj Ratan Commodities bought 3.11 lakh shares of GIC Housing Finance at an average rate of Rs 106.52 per share according to NSE's data on bulk deals.

Shares of the housing finance company have more than doubled from its 52-week low of Rs 51.1 seen on 25 March, at the peak of the coronavirus pandemic fears.

In July, GIC Housing Finance had reported its net profit at Rs 26.40 crore, down by 48 percent from Rs 50.9 crore in the same period of the previous year. Total income during the period was at Rs 317.80 crore, down from Rs 324.31 crore a year ago.

The company's interest income rose by 2 percent to Rs 1,244 crore for the whole financial year 2019-20 when compared to Rs 1,220 crore in the previous financial year.