DHFL stock prices increase by 5% and hit upper circuit

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On Friday the shares prices of Dewan Housing Finance Corporation Ltd (DHFL) reached the upper circuit. The company filed an application with the NCLT a resolution plan was submitted for primal capital and housing finance and a statement regarding the same was issued shortly after which the share prices of the company soared up. After a gain of 4.76 percent, the stocks of DHFL hit an upper limit and reached Rs 19.80 per share.

In a statement issued on Thursday the company claimed that it didn’t receive any objection from the Reserve bank of India and thus gone ahead with filing the application for NCLT for submitting a resolution plan of Primal capital and Housing Finance. DHFL announced the approval of RBI for the Primal group’s resolution plan early this week.

Reserve banks according to the insolvency and Bankruptcy Rules 2019 issued a no-objection receipt. In a regulatory filing, DHFL said that the administrator of DHFL applied to submit the Primal Capital and Housing Finance Limited resolution plan with the concerned authorities Mumbai Bench and NCLT. The company has posted a consolidated net loss of Rs 13095.38 for the quarter ending December 2020 compared to a net profit of Rs 934.31 in the previous year. The company’s net loss grew each quarter from Rs 2122.65 crore for the second quarter of the year ended September 2020.

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