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Star Housing Finance Ltd. jumped over 9 percent on Tuesday, October 18, after the company reported an increase of 486.49 percent in net profit to ₹2.17 crore in the quarter ended September 2022.
During Tuesday’s trade, the stock opened at a price of Rs. 205 per share and rallied further to record a new 52-week-high of Rs. 214.95 against the previous high of Rs. 208.80 which it touched on October 17, 2022.
The stock has returned over 145 percent to its shareholders this year till date. In last six months, the stock gave a positive return of 116 percent whereas it has shown a growth of over 88 percent in the past five years. It was trading at Rs. 213.50 at 11:10 a.m. on the BSE.
On Tuesday, October 18, Star Housing Finance reported an increase of 486.49% in the net profit to ₹2.17 crore in the quarter ended September 2022 as against ₹0.37 crore during the previous quarter ended September 2021. Total revenue rose 74.78% to ₹7.90 crore in the quarter ended September 2022 as against ₹4.52 crore during the previous quarter ended September 2021, Business Standard reported.
The company has recorded highest disbursements and registered a year on year 358% growth for H1 and quarter on quarter 85% growth for Q2 FY’22-23, the official statement stated.
Additionally, the company has appointed Mr. Pradip Kumar Das as an additional director in the category of non-executive independent director with effect from October 17, 2022.
Furthermore, Star HFL board has approved issue of one bonus equity share for every one fully paid-up equity share and sub-division/split of one existing equity share of face value of Rs. 10/- into two equity shares of face value of Rs. 5/- fully paid-up, the company said in an official filing.
Star Housing Finance Ltd., established in 2005, is a small cap company with a market capitalisation of ₹353.79 crore operating in the NBFC industry. It is an India-based non-deposit-taking housing finance company, which is engaged in into the business of providing housing loans and property loans.
The company is primarily engaged in the business of providing loans to individuals, corporate and developers for the purchase, construction, development and repair of houses, apartments and commercial properties in India.