The shares of Aptus Value Housing Finance zoomed 8% to the day’s high price of ₹ 321.15 per share after foreign brokerage Citi initiated coverage on the stock. Its shares were trading at ₹ 314.30 apiece at 11:48 AM on Thursday.
Citi has given a ‘buy’ call on the shares with a target price of ₹ 425.00. This translates to an upside of 35% as compared to the share price. The brokerage believes that the firm’s efficient cost-cutting has helped it deliver a healthy return on assets(RoA).
Aptus Value Housing Finance is a mid-cap company with a market capitalization of ₹ 15,605 crores. It operates in the niche affordable housing segment with a focus on self-employed customers in the rural and semi-urban areas in South India.
The shares reached their all-time high of ₹ 394.95 apiece on February 03, 2022, and their all-time low of 221.20 on June 17, 2022.
The company reported a consolidated total income of ₹ 248.76 crores, up 6.15 per cent from the total income of ₹ 234.34 crores in the previous quarter and up 33.83% from ₹ 185.88 in the corresponding quarter last year. Further, it has reported a net profit after tax of ₹118.84 Crores in the latest quarter.
Written by Simran Bafna
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