After a significant trading volume in the stock on June 21, shares of Aptus Value Housing Finance India fell more than 7% to Rs 246 on the BSE.
According to Bloomberg data, 90.5 lakh shares of the housing finance company were traded on Wednesday, representing a 1.8 percent equity holding valued at Rs 234 crore. The average price per share throughout the transaction was Rs 250. Due to the price’s disparity from the previous closing price, there was a selloff.
The identities of the purchasers and vendors were not immediately known.
The stock has not recently had good performance. So far this year, it has generated a return that is negative (18.65%). At an issue price of Rs 353, which was significantly higher than the going rate at the time of listing on exchanges last year, it.
Axis Securities feels the company is on a lengthy growth runway and has a “buy” recommendation on the stock with a target price of Rs 303. The organisation claims to have increased asset quality and best-in-class returns on assets.
A housing finance company with a concentration on retail, Aptus Value Housing primarily serves low- and middle-income independent contractors in India’s rural and semi-urban areas. With activities mostly centred in Tamil Nadu and Andhra Pradesh, which together contribute 78 percent of the AUM, it is primarily present in the southern states of Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka.
Additionally, ICICI Securities rates the stock as a “buy” and emphasises that steady management and strict asset quality monitoring would likely support profitability. On the stock, it has a target price of Rs 325.
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