PNB Housing Finance surged 9% to Rs 262.30, extending gains for the third day.
The stock has added 13.8% in three sessions from its recent closing low of Rs 230.45 on 13 August 2020.
During the same period, the S&P BSE Sensex and the S&P BSE 500 index have gained 0.6% and 0.8%, respectively.
On the technical front, the stock's RSI (relative strength index) stood at 76.219. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is currently trading above its 50-day and 100-day moving averages (SMA) placed at 215.58 and 198.12, respectively. It is, however, trading below its 200-day SMA placed at 321.07.
On 14 August 2020, PNB Housing Finance informed about its board meet scheduled on Wednesday, 19 August 2020, to consider the proposal to raise funds by issue of equity shares and/or other securities through any permissible modes.
The housing financier's parent organisation, Punjab National Bank, on 31 July 2020 had announced that it would infuse upto Rs 600 crore in PNB Housing Finance through either preferential issue or rights issue as and when the housing finance company decides to raise capital.
PNB Housing Finance is a deposit taking housing finance company. As on 30 June 2020, it had 103 branches with presence in 64 cities and 23 hubs.
The company's consolidated net profit slipped 9.6% to Rs 257.18 crore on 16.1% decline in total revenue from operations to Rs 1,872.33 crore in Q1 June 2020 over Q1 June 2019.
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