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The board approved buyback of shares worth Rs 9,300 crores at Rs 1,850 a share. The board has also announced an interim dividend of Rs 16.50 a share.

“The underlying fundamentals of the housing industry are very strong and we strongly believe that housing volume in the big urban sectors will at least triple in the course of this decade and grow at a similar pace in the next decade. So in the next 10 to 15 years, we will see very strong growth in housing.”

As of 30-Jun-2022, promoters held 0.0 per cent stake in the company, while FIIs held 37.27 per cent and domestic institutional investors had 32.58 per cent.

The proposed project is likely to incur a cost of Rs 2,250 crore to the company, with an estimated annual revenue projection of Rs 3,500 crore

The stock quoted a 52-week high price of Rs 2876.7 and a 52-week low of Rs 796.5.

“There is definitely an arbitrage opportunity in IDFC and IDFC First and if you want to get into IDFC First Bank, buying shares of IDFC may give 4-5% price advantage because I also feel that the ratio will be slightly in favour of IDFC shareholders rather than IDFC First. It is a marginal benefit and both these companies are going to be under one entity, one listing and you could buy either of them.”

A total of 79,162 shares changed hands on the counter till 02:10PM (IST)

At 12:15 pm, the scrip was trading 6 per cent higher at Rs 48 over its previous day’s closing price of Rs 45 apiece. The stock has risen 25 per cent in the last six months while it has surged nearly 61 per cent in the last one year.

Revival of retail and institutional demands on the back of receding monsoon and pick up in construction activities owing to lower prices of building raw materials are likely to aid cement companies going ahead

“We believe that the FMCG space provides a greater margin for safety and one could make 12-15% from current level also and that is under our consumption space. Under consumption, we also like the QSR space. It is a very good category which has delivered superior returns in the last couple of years and we are betting on Westlife Development under the QSR.”