Produced by: Prashun Talukdar
Bajaj Housing's stock staged a stellar market debut on September 16 last year at Rs 150, delivering multibagger returns to retail IPO investors by rallying 114.29 per cent. The stock went on further to hit an all-time high of Rs 188 a couple of sessions later, where profit-booking was witnessed.
Are you one of those fresh investors who have bought Bajaj Housing Finance shares near Rs 150 level amid some hope that the stock may revisit its all-time high level? Then, here's a piece of advice for you: Have patience!
As per December 15's closing on BSE, the stock closed 1.47 per cent lower at Rs 114.20. At this price, it has corrected 39.40 per cent from its record high value of Rs 188.45, seen on September 18, 2024. Bajaj Housing is scheduled to declare its third quarter (Q3 FY25) results on January 27, 2025.
Prashanth Tapse, Senior VP (Research) at Mehta Equities, suggested that Rs 105-100 will be the zone for fresh investors to watch. "Those holding Bajaj Housing shares can consider accumulating more at these levels. The stock can do well but not in this quarter. The next financial year will be great for the housing finance sector," Tapse stated.
In the private sector, Tapse said Bajaj Housing is one of the fastest-growing companies in terms of AUM (asset under management) growth. "When it comes to comparison with PNB Housing and LIC Housing, one should focus on Bajaj Housing for long-term investment," the market expert added.
Bajaj Housing's stock traded lower than the 5-day, 10-, 20-, 30-day and 50-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 35.92. A level below 30 is defined as oversold while a value above 70 is considered overbought.
On Wednesday, around 12.55 lakh shares changed hands on BSE. The figure was lower than the two-week average volume of 16.31 lakh shares. Turnover on the counter came at Rs 14.39 crore, commanding a market capitalisation (m-cap) of Rs 95,107.44 crore. Bajaj Housing -- a part of Bajaj Group -- is a non-deposit-taking housing finance company (HFC) registered with the National Housing Bank (NHB). As of September 2024, promoters held an 88.75 per cent stake in the Bajaj Group entity.
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