Indiabulls Housing Finance Limited [IBH] has received ratings from the rating agency CARE Ratings on October 18, 2019. The rating committee of CARE Ratings has reaffirmed Long-term rating at 'CARE AA+' and Perpetual Debt at 'CARE AA'. Short-term rating has been reaffirmed at 'CARE A1+'. The watch resolution of negative outlook follows the announcement of RBI not approving the merger of IBH with LVB.
CARE noted the following in reaffirming the ratings and resolving the rating watch:
IBH maintains liquidity of at least one year debt repayments as a policy. As on October 10, 2019, IBH maintained total liquidity of ~Rs.18,500 crore which covers next one year scheduled repayments.
CARE also noted the following in reaffirming the ratings:
- Established track record as one of the largest HFCs
- Comfortable Capitalization levels: the company reported Capital Adequacy [CAR] of 27.81%
On October 18, 2019 Brickwork Ratings has revised the long term rating from "BWR AAA" to "BWR AA+". The rating action was on account of challenging operating environment for NBFCs [including HFCs], impacting the ease and cost of raising funds, and steep fall in share price.
Shares of Indiabulls Housing Finance Ltd was last trading in BSE at Rs.231.5 as compared to the previous close of Rs. 197.15. The total number of shares traded during the day was 5189970 in over 53878 trades.
The stock hit an intraday high of Rs. 245.45 and intraday low of 196.65. The net turnover during the day was Rs. 1123975400.