Indiabulls Housing Fin shares zoom over 14% as CRISIL reaffirms rating; company's m-cap surges to Rs 8,430 cr

New Delhi: Shares of Indiabulls Housing Finance rallied over 14 percent on Thursday after rating agency CRISIL reaffirmed the company’s ratings and said it has aggregate liquidity to cover its debt repayment obligations till September 2020.

Indiabulls Housing Finance (IBHFL) gained 14.03 percent to close at Rs 197.15 on the BSE. Intra-day, the stock surged nearly 18 percent to touch a high of Rs 204.

On NSE, the scrip settled up 14.07 percent at Rs 197.40.

The company’s market capitalisation (m-cap) surged Rs 1,036 crore to Rs 8,429.62 crore.

In terms of traded volume, over 8 crore shares were traded on the NSE, while 77.96 lakh shares changed hands on the BSE.

CRISIL noted that IBHFL continues to maintain strong liquidity with cash and cash equivalents at around 20 percent of total assets as on 10 October 2019.

It has aggregate liquidity of more than Rs 18,500 crore as on 10 October 2019, which provides around 100 percent cover over the company’s debt repayments till September 2020, Indiabulls Housing Finance said in a late evening BSE filing on Wednesday.

“The rating committee of CRISIL has reaffirmed the long-term rating of Indiabulls Housing Finance Limited at CRISIL AA+. Short-term rating has been reaffirmed at CRISIL A1+,” IBHFL said in the filing.

There seems to be signs of improvement in the first fortnight of October 2019 with IBHFL having received sanctions to raise Rs 5,200 crore via term loans, working capital lines, commercial papers and securitisation lines, it added.