BackNBFC stock rises 4% on rating upgrade, AAA; up 95% in a year
Poonawalla Fincorp share price may go up to ₹450 apiece levels in next 8-9 months, believe stock market experts
PremiumPoonawalla Fincorp shares have been rising for last two successive sessions. The NBFC stock has risen from ₹306.55 to ₹329 apiece levels, logging over 7 per cent rise in this time horizon. However, in intraday session, Poonawalla Fincorp share price opened upside and went on to hit intraday high of ₹329 apiece on NSE, logging near 4 per cent rise on Thursday session.
According to stock market experts, Poonawalla Fincorp shares are rising today due to rating upgrade by Care rating agency. They said that the rating agency has upgraded Poonawalla Fincorp rating to 'AAA.' However, they maintained that banking and financial stocks are expected to remain in uptrend due to rising interest rate regime. they went on to add that Poonawalla Fincorp share price has been ascending continuously and some profit booking trigger may take place at current levels. However, in case the stock continues its rally and sustains above ₹340 levels, then it may go up to ₹450 apiece mark in 8-9 months.
Rating upgrade
In latest exchange filing with Indian bourses, Poonawalla Fincorp said, "Care Ratings Limited upgraded the long-term rating of the Company and its subsidiary, PHFL to ‘CARE AAA (Triple A), Stable’. This rating is applicable for bank loan facilities, non-convertible debentures, market linked debentures and subordinated debt."
Poonawalla Fincorp share price outlook
Speaking on reasons for rise in Poonawalla Fincorp share price rally, Manoj Dalmia, Founder & Director at Proficient Equities said, "Poonawalla Fincorp share price is rising today due to rating upgrade by Care rating agency. However, the NDFC stock is facing hurdle at current levels and may try to make 'M' shape on chart pattern. If that happens then in that case there can be some profit booking trigger taking the stock towards ₹250 apiece levels. So, those who have this stock in their portfolio may thing of booking partial profit at current highs."
On reasons that may continue to fuel Poonawalla Fincorp shares, Ravi Singhal, CEO at GCL Securities said, "Poonawalla Fincorp share price is facing hurdle at ₹340 levels. If it manages to sustain above this hurdle then it may go up to ₹450 apiece levels in next 8-9 months." Ravi Singhal of GCL Securities said that due to rising interest rate regime, Poonawalla Fincorp shares are expected to continue its rally and hence buying on dips is suggested for positional buyers.
Poonawalla Fincorp shares have almost doubled its investors' money after surging from around ₹165 to ₹329 apiece levels, ascending to the tune of 95 per cent in last one year time.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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