Shares of housing finance companies will be in the spotlight after a mutual fund hiked stake in one of the largest housing finance provider. ICICI Prudential Mutual Fund raised its stake in LIC Housing Finance Company, a subsidiary of LIC, to 7.07 per cent by acquiring additional 2.03 per cent shares from the open market.
While shares of LIC Housing Finance have been a laggard in the current month, dwindling over 12 per cent, technically a move above Rs 430 may significantly bring a shift in the present trend.
So far this month, barring PNB Housing Finance, other finance providers such as Indiabulls Housing Finance, Housing Development Finance Corporation, Can Fin Homes and Repco Home Finance have not done well. Only PNB Housing Finance shares gained 5 per cent, while others trade with negative returns.
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LIC Housing Fin.