The share price of mortgage lender Dewan Housing Finance Corporation Ltd (DHFL) hit a 5% higher circuit on Friday. The stock rose after the lender said it had received no objections from the Reserve Bank and filed an application for Piramal Capital & Housing Finance Ltd (PCHFL) resolution plan to be filed with the National Company Law Tribunal.
Trading in heavy volumes, Dewan Housing Finance Corp. Ltd stock price gained 5% to Rs 19.80 on BSE today, versus the last close of Rs 18.90. The stock also hit the low of the day of Rs 19.10 after opening at Rs 19.50.
The stock of the real estate finance company has risen by 15.45% in the past 3 days.
The market capitalization of the real estate finance company is currently Rs 621.37 crore. The depth of the market on BSE only suggests offers from buyers and no sellers offering action.
Although the stock price has risen more than 4.5% in the past week, it has fallen by 23% in one month, 33% since the beginning of the year. The DHFL stock price is above the 5, 20 and 200 day moving averages but below the 50, 100 day moving averages.
The stock hit a 52-week high of Rs 43 and a 52-week low of Rs 8.40.
“Following the receipt of no objection from the Reserve Bank of India under the Insolvency and Bankruptcy Rules, 2019, the DHFL Administrator filed an application for the filing of the resolution plan of Piramal Capital & Housing Finance Limited (PCHFL ) with NCLT’s Mumbai Bench, ”the company said in an exchange depot.