Shares of Aavas Financiers Ltd. surged nearly 10% on Friday to the highest in over two months after its disbursements jumped 20% year-on-year in the March quarter.
The housing-loan finance company's disbursements stood at Rs 18.9 billion, a 39% jump sequentially, according to its fourth-quarter business update.
The assets under management as of March 31 was at Rs 173 billion, up 22% year-on-year. The company added 21 branches in the last financial year, taking the total to 367 as of March 31.
On the NSE, the stock rose as much as 9.9% during the day to Rs 1,596 apiece, the highest since Jan. 16. It was trading 6.7% higher at Rs 1,551 per share, compared to a 0.13% decline in the benchmark Nifty 50 as of 11:25 a.m.
The share price has risen 11.79% in the last 12 months. The total traded volume so far in the day stood at 8.22 times its 30-day average. The relative strength index was at 68.85.
Fourteen out of the 22 analysts tracking the company have a 'buy' rating on the stock, six recommend 'hold' and two suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 9.7%.
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