PNBHOUSING

Corrects to Thursday from Wednesday in first paragraph

Feb 27 (Reuters) - Shares of most Indian financial companies, especially those of non-bank and microfinance-focussed lenders, jumped on Thursday after the central bank further eased its capital requirements for micro loans and bank credit.

Financial stocks .NIFTYFIN, which include non-bank finance companies (NBFCs), jumped about 1%, outpacing the 0.7% increase in banking stocks .NSEBANK. The benchmark Nifty 50 .NSEI, in comparison, was flat.

The Reserve Bank of India, on Tuesday, trimmed the higher capital requirements introduced in November, the latest in a series of growth-supportive measures since Sanjay Malhotra took over as governor in December.

Under his watch, the RBI has eased liquidity, delayed some regulations and loosened restrictions placed on some lenders.

"We think this bodes well for the financial sector and lays more emphasis on consumption and growth ... and (we) reiterate our bullish view," Macquarie analyst Suresh Ganapathy said in a note.

On the day, Bandhan Bank BANH.NS gained 6%, while Shriram Finance SHMF.NS, AU Small Finance Bank AUFI.NS and Ujjivan Small Finance Bank UJJI.NS rose about 5% each.

Cholamandalam Investment and Finance CHLA.NS and Aditya Birla Capital ADTB.NS advanced 4.5% each. Bajaj Finance BJFN.NS rose 2.7% and IndusInd Bank INBK.NS gained 2%.

In comparison, top private lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS were up under 1%.

The RBI's move should help most NBFCs' earnings, Morgan Stanley analysts said, picking Aditya Birla Capital, PNB Housing, Shriram Finance and Bajaj Finance as top beneficiaries.

Nomura analysts said banks with higher microfinance loan exposure, such as Bandhan Bank, IndusInd and AU Small Finance Bank, would also get much needed relief.

Since the rules were implemented in November, Aditya Birla Capital's shares had slid 16%, while AU Small Finance Bank and IndusInd Bank sank 28% and 31%, respectively. The worst hit, with a 38% tumble, was Bandhan Bank -- the day's top gainer.

However, Axis Bank Chief Economist Neelkanth Mishra cautioned that a reversal in the broad-based slide in loan growth -- caused by high liquidity costs and the RBI's discomfort with high loan-to-deposit ratios -- could take time.

"While these (RBI) signals should help revive lending, we believe the binding constraint remains durable liquidity."

(Reporting by Sethuraman NR; Editing by Savio D'Souza)

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Jan 21 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• Q3 CONSOL NET PAT 4.83 BILLION RUPEES

• Q3 CONSOL INTEREST INCOME 18.48 BILLION RUPEES

Source text: [ID:]

Further company coverage: PNBH.NS

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** PNB Housing Finance PNBH.NS falls 6.6% to 919.9 rupees; set for worst one-day pct fall since June 4

** Quality Investment Holdings, which holds 19.87% stake in PNBH, will likely sell 9.43% of its share at 939.3 rupees, a 4.3% discount to last close, CNBC-TV18 reports

** Morgan Stanley appointed as banker to manage deal, report adds

** PNBH did not immediately respond to Reuters request for comment

** Stock sees busiest session since Nov. 7, 2016; nearly 27 mln shares traded, ~18x its 30-day avg

** PNBH rated "buy" on avg; median PT is 1,200 rupees - LSEG

** Stock up ~18% YTD

(Reporting by Ashna Teresa Britto in Bengaluru)

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Oct 28 (Reuters) - India's LIC Housing Finance LICH.NS reported a bigger-than-expected second-quarter profit on Monday, helped by steady demand for its home loans.

The company said its profit after tax rose about 12% to 13.29 billion rupees ($158.1 million) for the quarter ended Sept. 30, outpacing analysts' expectation of 12.26 billion rupees, per data compiled by LSEG.

The firm is 45%-owned by Life Insurance Corporation of India LIFI.NS, the country's top insurer.

Demand for homes in India, especially in the luxury category, is steadily rising, which, in turn, is fuelling demand for home loans.

The affordable housing segment is also seeing a pick up, helped by the government's push for low-cost housing.

As a result, LIC Housing's total loan disbursements grew 12% to 164.76 billion rupees during the second quarter.

"With stable interest rates, we expect steady growth in the next two quarters," the company said in statement.

However, its net interest income - the difference between interest earned and paid - fell 6% to 19.74 billion rupees as its finance costs rose during the quarter.

LIC Housing's net interest margin (NIM), a key gauge for profitability, shrunk for the second consecutive quarter to 2.71% from 2.76% in the first quarter due to increasing competition in the home finance sector, according to analysts.

It reported an NIM of 3.04% for the second quarter last year.

Rivals PNB Housing Housing PNBH.NS and newly-listed Bajaj Housing Finance BAJO.NS also reported a rise in quarterly profit, supported by higher demand for home loans.

Shares of LIC Housing ended 3.4% higher after its results.

($1 = 84.0725 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru; Editing by Sonia Cheema)

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** Shares of PNB Housing Finance PNBH.NS rise 10.8% to 1,035 rupees; last up 2.8%

** Co's Q2 consol profit rose 22.6%, rev up 5.7%

** PNBH sees busiest day in over five weeks, with over 6.5 mln shares traded

** Analysts' avg rating on stock is "buy;" their median PT is 1,012.5 rupees - LSEG data

** Peer LIC Housing Finance LICH.NS largely flat on the day

** Stock up 23% YTD vs 12% gain in LIC Housing Finance

(Reporting by Aleef Jahan in Bengaluru)

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Oct 24 (Reuters) - India's PNB Housing Finance PNBH.NS reported a near 23% rise in second-quarter profit on Thursday, helped by a strong demand for home loans.

The company's consolidated net profit rose to 4.70 billion rupees ($11.90 million) in the quarter ended Sept. 30, from 3.83 billion rupees a year earlier.

The demand for houses, especially premium residences, has remained strong in the country over the last few quarters. Analysts said the affordable segment was also seeing a pick up, aided by the government's push for low-cost housing.

Earlier this week, PNB Housing's rival Bajaj Housing Finance BAJO.NS reported a 21% rise in its quarterly profit.

PNB Housing said its loan disbursements jumped 28% in the quarter to 53.41 billion rupees.

In the last few quarters, the non-bank lender has, to aid profitability, increased its focus on affordable housing, which commands higher interest rates due to lesser competition from big banks.

Disbursements in the affordable housing segment grew 68.4% year-on-year, compared to a near 22% rise in the premium category.

PNB Housing's interest income rose 4.5% to 17.80 billion rupees, while gross bad loans as a percentage of total loans improved to 1.24% at the end of September, from 1.78% a year earlier.

Shares of PNB Housing Finance closed 1.4% lower ahead of results.

($1 = 84.0440 Indian rupees)

(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of Bajaj Housing Finance BAJO.NS slip 0.3%, set to fall for a fifth straight session

** HSBC Research initiates coverage of stock with a "reduce" rating and a TP of 110 rupees, implying a 27% downside to its last close

** Sees pressure on return on assets due to likely margins compression and moderation in earnings growth, in both home loan and non-home loan segments

** Brokerage forecasts BAJO's AUM growth slowing to 26% CAGR over FY24-27, from 34% in FY21-24

** EPS growth to also drop to 17% compared to 41%

** Stock down 9% since closing at 165 rupees on listing day

** Since BAJO's listing, rival PNB Housing PNBH.NS is down 16.5%, while LIC Housing LICH.NS has fallen by 12.5%

(Reporitng by Nishit Navin)

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MUMBAI, Sept 23 (Reuters) - India's PNB Housing Finance PNBH.NS plans to raise 4 billion rupees ($47.93 million) through the sale of bonds maturing in three years and four months, three bankers said on Monday.

It has invited coupon and commitment bids for the issue on Tuesday, they said.

Here is the list of deals reported so far on Sept. 23:

*Size includes base plus greenshoe for some issues

($1 = 83.4590 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

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** Shares of Bajaj Housing Finance BAJO.NS are down around 7.5% at 160 rupees

** More than 17 mln shares traded in multiple block deals in price range of 156.29 - 173.3 rupees/shr - all at a discount to the last close price of 173.66 rupees

** BAJO shares listed at 150 rupees on Monday, more than double its IPO price of 70 rupees, making it the fourth-best major listing in India this year; this was followed by a 10% rise on Tuesday

** Since then, stock has fallen for two straight sessions - dropping around 12% in the period

** Since BAJO's listing, rival LIC Housing LICH.NS and PNB Housing PNBH.NS have dropped about 9% and 11%, respectively

(Reporitng by Nishit Navin)

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** Shares of Bajaj Housing Finance BAJO.NS rise 7.2% to 176.85 rupees on day two of trading, after hitting upper circuit at 181.50 rupees briefly

** BAJO shares had opened at 150 rupees, more than double its IPO price of 70 rupees on Monday, making it the fourth-best major listing in a red-hot Indian IPO market this year

** Analysts have flagged investor confidence in India's most valuable listed home loan financier on pedigree, attractive IPO pricing and strong demand for luxury home loans

** Phillip Capital initiates coverage on BAJO with "buy" rating and a target price of 210 rupees

** Expects BAJO's focus on home loan customers with average salary of 1.4 million rupees to strengthen pricing powers alongside benign credit costs to result in strong return ratios

** Rivals HUDCO HUDC.NS, LIC Housing Finance LICH.NS PNB Housing Finance PNBH.NS that had fallen between 2-7% on Monday, were flat on the day

** BAJO stock last closed up 135.7%

(Reporting by Dimpal Gulwani in Bengaluru)

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** India's LIC Housing Finance LICH.NS and PNB Housing Finance PNBH.NS retreat about 6% and 4%, respectively

** Rival Bajaj Housing Finance BAJO.NS surges ~128% in dtrading debut

** The "adverse rub off impact" is since rivals have relatively weak financial and operating parameters, says Aishvarya Dadheech, founder and CIO at Fident Asset Management

(Reporting by Manvi Pant in Bengaluru)

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Sept 9 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• PNB HOUSING - ISSUANCE OF NON –CONVERTIBLE DEBENTURES UP TO 25 BILLION RUPEES

• PNB HOUSING - ISSUANCE ON PRIVATE PLACEMENT BASIS

Source text for Eikon: [ID:]

Further company coverage: PNBH.NS

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Sept 4 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• TO CONSIDER ISSUANCE OF NON-CONVERTIBLE DEBENTURES UP TO 25 BLN RUPEES

Source text for Eikon: ID:nBSERR2Ts

Further company coverage: PNBH.NS

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BENGALURU, Aug 21 (Reuters) - U.S. private equity firm General Atlantic on Wednesday sold its entire stake worth 10.69 billion rupees ($127.40 million) in India's PNB Housing Finance PNBH.NS, stock exchange data showed.

Shares of the mortgage lender closed 10.1% higher on Wednesday.

The company, which had a 5.1% stake in PNB Housing as of June 30, sold 13.3 million shares for 802.50 rupees apiece, a discount to the stock's closing price of 810.90 rupees on Tuesday.

The Singapore government and India's Aditya Birla Sun Life Mutual Fund were among the biggest buyers in a list that also included Fidelity Investments, Goldman Sachs, Morgan Stanley and Nomura.

General Atlantic initially invested in PNB Housing as an institutional buyer during the Indian home financier's initial public offering in 2016, picking up a stake worth 467 million rupees.

The equity investor, which had increased its holdings in PNB Housing through subsequent investments, sold a 2.2% stake for about 4.22 billion rupees in May.

In July, U.S. investment firm Carlyle Group also offloaded a stake of about 13% in PNB Housing.

PNB Housing's shares have gained around 12% so far in 2024.

($1 = 83.8810 Indian rupees)

(Reporting by Nishit Navin and Nandan Mandayam in Bengaluru; Editing by Shreya Biswas and Devika Syamnath)

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** Shares of PNB Housing Finance PNBH.NS down 1.6% to 780 rupees

** Private equity firm Carlyle Group's unit will likely sell up to 6.4% of its stake in co, CNBC-TV18 reported on Monday

** As per IFR report on Tuesday, Carlyle has doubled offer size to 12.8%, with floor price a 5% discount to PNBH's last close

** PNB Housing declined to comment, while Carlyle did not immediately respond to Reuters' inquiry

** About 1.3 mln shares changed hands in multiple block deals - LSEG

** PNBH has gained 0.6% YTD, the least among housing finance stocks

** LIC Housing Finance LICH.NS, Can Fin Homes CNFH.NS, Home First Finance HOME.NS, Repco Home Finance RHFL.NS, GIC Housing Finance GICH.NS up between 10%-48% YTD

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

July 25 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• PNB HOUSING FINANCE Q1 CONSOL NET PAT 4.33 BILLION RUPEES

• PNB HOUSING FINANCE Q1 CONSOL INTEREST INCOME 17.39 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: PNBH.NS

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** Shares of PNB Housing Finance PNBH.NS rise as much as 2.9% to 804.30 rupees

** IIFL Securities initiates coverage on PNBH with a "buy" rating and target price of 1,050 rupees, a 34% upside to stock's last closing price

** PNBH set to double the affordable and higher yielding emerging prime loan book mix to 40% by FY27, aided by focused verticals with independent branches - IIFL Securities

** Adds alongside up-scaling of affordable and emerging segments, growing mix of non-housing loans and smaller-ticket prime housing loans to improve profitability

** Brokerage sees interest rate cycle, financial health of promoter Punjab National Bank PNBK.NS as key risks

** Avg analyst rating on PNBH is "buy"; peers LIC Housing Finance LICH.NS and Can Fin Homes CNFH.NS also rate "buy"

** PNBH median PT at 970 rupees

** Stock up ~2% YTD, compared with ~15% and ~43 gains in CNFH and LICH respectively

(Reporting by Dimpal Gulwani in Bengaluru)

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June 21 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• ASIA OPPORTUNITIES V (MAURITIUS) CUTS 2.46% STAKE IN PNB HOUSING FINANCE TO 5.19% - EXCHNAGE FILING

Further company coverage: PNBH.NS

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** Shares of PNB Housing Finance PNBH.NS fall 5% to 797.8 rupees

** Nearly 16 mln shares change hands in 11 block deals at an average price of 804.2 rupees, over 4% discount to its Wednesday close, as per LSEG data

** US based funds Asia Opportunities, General Atlantic to sell 4.2% stake in PNB Housing via block deal for 8.30 bln rupees, CNBC Awaaz reported

** PNBH did not immediately respond to Reuters' request for comment

** More than 21.1 mln shares change hands, 13.7x its 30-day avg

** Nine analysts covering the stock on av have a "buy" rating; median PT is 970 rupees - LSEG data

** Stock down 4% so far this week

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

June 18 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• APPROVED ISSUE OF NON-CONVERTIBLE DEBENTURES UPTO 100 BILLION RUPEES

• APPROVED ISSUE OF NON-CONVERTIBLE DEBENTURES ON PRIVATE PLACEMENT BASIS

Further company coverage: PNBH.NS

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June 12 (Reuters) - PNB Housing Finance Ltd PNBH.NS:

• PNB HOUSING FINANCE LTD - TO CONSIDER PROPOSAL OF FUND RAISING UP TO 100 BILLION RUPEES

• PNB HOUSING FINANCE LTD - TO CONSIDER PROPOSAL OF FUND RAISING BY ISSUANCE OF NON-CONVERTIBLE DEBENTURES ON PRIVATE PLACEMENT

Source text for Eikon: ID:nBSE8rgJw2

Further company coverage: PNBH.NS

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** Indian benchmarks NSE Nifty 50 Index .NSEI and S&P BSE Sensex .BSESN up 0.4% each after posting their best session in over three years on Wednesday

** More domestically focussed small-cap .NIFSMCP100 and mid-cap .NIFMDCP100 gain ~2% each, outperforming benchmarks

** State-run companies .NIFTYPSE and state-run banks .NIFTYPSU advance ~3% each, top sectoral gainers on expectations of continued capex spending from new govt

** Nifty realty index .NIFTYREAL adds 3.9%, driven by ~11% and ~6% gains in Brigade Enterprises BRIG.NS and Mactrotech Developers MACE.NS, respectively

** Volatility eases further on the day with Nifty volatility index .NIFVIX at 17.59, lowest since early May

** Indian home financiers like Aavas Financiers AVAS.NS, PNB Housing Finance PNBH.NS and LIC Housing Finance LICH.NS rise 3-5%

** Jefferies expects Modi-led coalition govt to announce affordable housing scheme in upcoming budget

** In the near term, we have stability but political developments will continue to weigh on markets - V K Vijayakumar, chief investment strategist, Geojit Financial Services

** Auto parts maker Uno Minda UNOI.NS up 14% on deal to make EV parts

(Reporting by Dimpal Gulwani in Bengaluru)

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June 3 (Reuters) - Elpro International Ltd ELPR.BO:

• ELPRO INTERNATIONAL LTD - ACQUIRED EQUITY SHARES OF PNB HOUSING FINANCE

• ELPRO INTERNATIONAL LTD - ACQUIRED EQUITY SHARES OF PNB HOUSING FINANCE FOR 137 MILLION RUPEES

Source text for Eikon: ID:nBSE3YPkHy

Further company coverage: ELPR.BO

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BENGALURU, April 29 (Reuters) - India's PNB Housing Finance PNBH.NS reported a 57% rise in fourth-quarter profit on Monday, helped by steady demand for home loans and a decline in bad loans.

Demand for premium and luxury housing has been strong over the last year even as the affordable segment saw demand easing due to high interest rates.

Home financiers saw strong disbursement in the fourth quarter as home buyers pinned hopes on a rate cut later this year.

PNB Housing Finance, a unit of state-run lender Punjab National Bank PNBK.NS, said its disbursements from the retail segment, which is their largest, jumped one-fourth, boosting total disbursements by 24% to 55.74 billion rupees.

The company's consolidated net profit rose to 4.39 billion rupees ($52.6 million) for the quarter ended March 31 from 2.79 billion rupees a year earlier.

PNB Housing Finance has scaled back on corporate loans over the last few quarters due to increased bad debt in the segment, aiding its bottomline.

The home financier's gross bad loans as a percentage of total loans declined to 1.50% at the end of March, from 1.73% at the end of December.

The company's bad loan provisions and write-offs declined 95% to 66.4 million rupees.

Its net interest income, the difference between interest earned and paid, rose 7% year-on-year to 6.32 billion rupees. The net interest margin expanded to 3.65% from 3.49% a quarter earlier.

The company approved raising of funds through a debt issue of up to 25 billion rupees.

Shares of PNB Housing Finance settled 2.3% higher after results.

($1 = 83.4725 Indian rupees)

(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)

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PNB Housing Finance Ltd PNBH.NS:

• PNB HOUSING FINANCE LTD- TO CONSIDER FUND RAISING

Source text for Eikon: ID:nNSErKRcF

Further company coverage: PNBH.NS

** India's PNB Housing Finance PNBH.NS up 13.5% at 715.50 rupees

** Sees recent 19% correction in qtr-ending March 31 as a good entry point for stock from near, medium-term view

** Morgan Stanley says Q4 is seasonally strong qtr for housing finance cos; adds PNBH's valuation is attractive at 9x FY25 PE; rival LIC Housing Finance LICH.NS valued at 7x FY25 PE, as per LSEG data

** PNBH last week received rating upgrades for its instruments from ICRA and CARE

** Morgan Stanley says upgrades positive for growth and profitability, could further help improve both availability and cost of borrowing

** Brokerage retains stock's rating at "overweight", with PT 970 rupees; stock "buy" rated on avg, median PT at 900 rupees, as per LSEG data

** Stock down 8% YTD after gaining 77% last year; LICH shares up 18.3% YTD

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of PNB Housing Finance PNBH.NS rise about 3% to 722.20 rupees

** Stock on course to snap a seven-session losing week, in which it shed 10.4%

** Recent decline makes valuations compelling in the short-term for a well capitalised housing finance company with strong loan growth and margins, says Morgan Stanley

** PNBH logged rise in December quarter profit on Jan. 24, aided by rising disbursements in retail and a robust order book in affordable loan segments

** Morgan Stanley reiterates "overweight" rating on PNBH, with target price at 970 rupees, ~34% higher than current price

** Brokerages see 70%-80% probability of PNBH outperforming the benchmark indexes over the next 60 days

** Mean rating of nine analysts tracking PNBH is equivalent to "buy"; median price target at 900 rupees - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

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Jan 29 (Reuters) -

• INVESTMENT OPPORTUNITIES V SELLS ENTIRE 9.88% STAKE IN PNB HOUSING FINANCE ON JAN 25 - EXCHANGE FILING

Source text for Eikon: ID:nBSE76ZrKy

Further company coverage: PNBH.NS

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** Shares of IndoStar Capital Finance INAC.NS down 5% at 207.15 rupees, hits lower circuit

** Non-banking finance co's Dec-qtr profit after tax fell 54% YoY

** Earlier in the week, IndoStar had rallied to its highest since May 2022 after saying it would consider a fundraise

** Stock fell 5% four times in 2023

** Rival PNB Housing Finance PNBH.NS also drops after reporting a fall in interest income

(Reporting by Varun Vyas in Bengaluru)

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BENGALURU, Jan 24 (Reuters) - India's PNB Housing Finance PNBH.NS reported a nearly 26% rise in third-quarter profit on Wednesday, as lower overall expenses made up for dipping interest income.

The company, a unit of state-run lender Punjab National Bank PNBK.NS, said its consolidated net profit rose to 3.38 billion rupees (nearly $41 million) for the quarter ended Dec. 31 from 2.69 billion rupees a year earlier as overall expenses dipped almost 8%.

Interest rates have moderated in recent times, with the country registering its highest home sales since 2008 last year, according to a report. Real estate firms such as Prestige Estates PREG.NS and Macrotech Developers MACE.NS also expect sales to continue to rise, benefiting home financiers.

The company's disbursements in the retail segment jumped 22%, boosting total disbursements for the quarter to 21% to 41.43 billion rupees. This is the company's largest segment, accounting for almost all of total disbursements.

Its net interest margin, the difference between interest earned and interest paid out in percentage terms, was down to 3.65% sequentially, excluding a one-off item for the quarter, from 3.95%. The company did not provide an equivalent comparative for the year ago quarter.

Its consolidated interest income for the quarter fell 2% to 16.80 billion rupees.

PNB Housing's affordable loan segment, set up nearly a year ago, surpassed an order book of 10 billion rupees. Its contribution to the retail segment was at about 8% for the nine months ending Dec. 31, the company said.

Its asset quality improved, with gross bad loans as a percentage of total loans slipping to 1.73% at the end of December from 1.78% at the end of September.

Peer LIC Housing Finance LICH.NS is due to report its December-quarter results on Feb. 2 while parent Punjab National Bank will report on Thursday.

($1 = 83.0910 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru; Editing by Janane Venkatraman)

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