LIC Housing Finance witnessed a 2 percent surge in shares on the morning of November 2, following the release of their second-quarter results (Q2FY24) that exceeded market expectations. Analysts expressed optimism regarding the company’s performance, emphasizing visible growth in crucial areas such as profit, net interest income (NII), and margin parameters.
Global brokerage firm Citi reaffirmed their confidence in LIC Housing, assigning a “buy” rating and elevating the target price to Rs 535 per share from Rs 490. The company’s Q2 performance was underpinned by steady net interest margins (NIMs) at 3 percent, which contributed to a significant 15 percent beat in pre-provision operating profit.
However, as of 1:31 pm, LIC Housing Finance shares experienced a minor dip, trading 2.63 percent lower at ₹445.30. Despite this midday setback, analysts remained positive about the company’s overall outlook, reflecting the market’s fluctuating nature even in the face of promising results.
