PNB Housing Finance fell around 4.50% & trading at its 52 weeks low as Chairman & Non-executive Director Mr. Sunil Mehta resigns from his duty.
Reasons To Move Down::
- PNB Housing Finance Ltd. midcap NBFC which incorporated in the year 1988, Shares touched the 52-week low around Rs 557, fell more than 4.5% intraday on October 1 on account of the resignation of the company chairman Mr. Sunil Mehta due to completion of his tenure.
- Company’s short term non-convertible debentures worth of Rs. 500 Crores, received an A+ rating from CRISIL a credit analysis company. This rating shows a higher degree of safety of timely payments of interest.
Impressive Quarterly Financials::
- Looking at some quarterly financials of the company declared in June 2019. Company’s sales increased by above 35%. Company’s Net Profit increased by 11%. If we just dip into the data then the company’s PE is quite lower than industry PE which is currently at 7.82 & Price/Book is at 1.26.
Intraday View: Technical
Technically, the stock has been following bearish momentum on the daily chart. However, the stock has started to trade below its 3 as well as 15 Daily Moving Average which shows a downside rally in the counter and more sellers are active on this fall. Along with this indicator, ADX reading is at 22 levels with a negative crossover, which signals a strong negative breath in the counter.