On Tuesday, November 15, in a bulk deal, Catamaran Capital had offloaded 153,041 equity shares worth of Rs 20 crore of the housing finance company via open market transaction. Catamaran Capital sold the shares at the average price of Rs 1,290.32 on the NSE, as per the bulk deal data.
Can Fin Homes share price rallied 17% to Rs 1,460 on NSE in intra-day trade, after declining 26% in the past two trading sessions.
The names of the buyers were not immediately ascertained.
As of September 30, according to the shareholding pattern data 2016, Catamaran Management Services Private Limited owned 344,183 shares or 1.29% stake in Can Fin Homes.
In past two trading sessions, Can Fin Homes share price had tanked 26% from Rs 1,689 to Rs 1,252. In November, so far, it slipped 33% from Rs 1,862, as compared to 5.8% decline in the S&P BSE Sensex and 6.08% decline in Nifty50 till yesterday. Until October, the stock had a strong run-up, surged 73% during the calendar year 2016 against 7% rise in the benchmark index.
On the impact of demonetization on Can Fin Homes, Sarada Kumar Hota, Executive Director of Can Fin Homes, stated that 88% of the total loan book of Can Fin Homes is housing loan and 12% non-housing loans. 6% of the total loan book, i.e. 50% of the non-housing loan book consists of Loan against property. He also informed that 80% of the borrowers are salaried, and the collection is done through various banking channels. He also indicated a possible downward correction in property prices that will make houses more affordable for the salaried middle-income group and thus increasing the demand for homes in the medium and long term. He also denied of any significant impact of Demonetization on Can Fin Homes.
At 12:21 PM, Can Fin Homes share price was up 13.58% at Rs 1,431 on NSE, against 0.72% rise in the Benchmark Index Nifty. Can Fin homes is the multibagger recommendation by Dynamic levels. For the details on the stock, visit Can Fin Homes share price history page of Dynamic Levels website.
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