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Shares of LIC Housing Finance today gained 1.5 per cent as CLSA has started coverage on the stock with a “buy’’ rating and a target of Rs 580.
CLSA expects a pick-up in housing demand and fall in the cost of funds to drive 20 pct CAGR in profit over FY15-17.
The Reserve Bank of India has cut the benchmark interest rates twice this year to stimulate the economy.
The stock is trading at 2.4x price-to-book vs 1.45x of rivals, according to Thomson Reuters data.
LIC Housing has 28 ‘buy’ ratings, 7 ‘hold’ and 1 ‘sell’ rating, it says.
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