PNB Housing Finance rises 4% as Morgan Stanley sees 32% upside in stock

Morgan Stanley said it looks at the prospective impact of the rights issue on its base case. According to the global brokerage firm, the base case profit of PNB Housing Finance would rise by 8-9 percent for FY24-25.

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PNB Housing Finance shares gained 4 percent on April 3 after Morgan Stanley’s ‘overweight’ call on the financier’s stock with a 32 percent raise in the target price to Rs 700.

At 11:19am, shares of the housing financier were trading 3.3 percent higher at Rs 530.4 on the BSE.

Morgan Stanley said it looks at the prospective impact of the rights issue on its base case.

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The board of PNB Housing Finance has approved a rights issue of around 9.06 crore shares at a price of Rs 275 per share to raise up to Rs 2,500 crore. The board approved the right entitlement ratio of 29:54 under which 29 equity shares will be offered for every 54 units held by an eligible equity shareholder on the record date.

The record date has been fixed as April 5. The issue will open on April 13 and close on April 27.

According to Morgan Stanley, its base-case profit would rise 8-9 percent for FY24-25.

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The brokerage firm expects lower funding costs, partially offset by royalty costs.

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