new Delhi. Stock Market: Brokerage firm ICICI Securities is seeing a lot of potential in the shares of housing finance sector company Repco Home Finance. The brokerage firm believes that this stock can give very good returns to the investors in the coming days. On Friday, the company’s stock was trading at Rs 245 (Repco Home Finance Share Price), up 5 per cent in the opening trade on NSE.
However, the company’s results for the third quarter of FY 2022 have been disappointing. The profit of the company has come down by 60 percent to Rs 31.47 crore. But still ICICI Securities is asking to bet on this stock. According to a report in Live Mint, the brokerage firm says that Repco Home Finance is an undervalued stock. It may give multibagger returns in future. The business of the company can pick up and in the coming times, its asset quality and loan book can see rapid growth.
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Change in top management
ICICI Securities has said in its note that there has been a change in the top management of Repco Home Finance. The brokerage said that the arrival of a new CEO in the company is an important event at this juncture. ICICI Securities is also considering the appointment of K Lakshmi as CFO in the company as a positive initiative. Due to all these reasons, many brokerages have expressed the possibility of a rise of up to 135 percent in its shares in the next one year.
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Target price Rs 563
ICICI Securities has given a new target price of Rs 563 while giving buy rating to this stock. This is about 135 percent more than the current price of this share. Earlier too, ICICI Securities had given a target price of Rs 650 to this stock. The share of Repco Home Finance is 52 week high at Rs 430 while its 52 week low is Rs 221.30. The company’s shares rose by five per cent in early trade on Friday and reached Rs 245.
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Tags: Multibagger stock, Share market, stock market