PNB Housing builds up

PNB Housing is the top gainer on the BSE, going up to an intra day high of Rs.1224, up over 14%. Its 52-week high is at Rs.1715.30.

The stock price has jumped up on unconfirmed news that HDFC and Kotak Mahindra Bank were eyeing controlling stake in the firm. Both, reportedly, want to gain better access to mortgage market.

The news is that PNB and Carlyle were looking to sell their 66% stake to a large investor and expected to fetch the housing agency over Rs.6000 crore.

PNB Housing is yet to clarify on this news as sought by the stock exchanges but HDFC CEO has clarified that they were not looking for “controlling stake.”