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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! A 72-year-old VC investor still runs four marathons a year. He spoke to BI about <a target="_blank" href="https://www.businessinsider.com/training-tips-for-older-runners-from-72-year-old-marathoner-2024-10">how he fits the training into his busy schedule</a> as he tries to run 100 marathons before he turns 100.In today's big story, a final look at the impact a Harris or Trump presidency <a target="_blank" rel="noopener" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">will have on your finances</a>.What's on deck:<ul><li>Markets: A survey exclusively shared with BI shows how a slice of Wall Street <a target="_blank" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">thinks the election will go</a>.</li><li>Tech: Nvidia is replacing Intel in the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Dow Jones Industrial Average</a>.</li><li>Business: We spoke to more than 750 people about <a target="_blank" href="https://www.businessinsider.com/cant-find-job-unemployment-applications-retirement-mba-age-competition-openings-2024-11">their struggles finding a job</a>.</li></ul>But first, let's go over it one more time.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">The White House and your wallet</h2><div type="image" title="Trump and Harris." height="1743" width="2323" msid="114952573" hostid="261" sizebytes="392138"></div>On the eve of election day, we're offering a final breakdown of how both candidates might affect your wallet.Business Insider ran a <a target="_blank" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">five-part refresher series</a> last week examining how the policies proposed by Vice President Kamala Harris and former President Donald Trump impact US consumers.With little middle ground between the two candidates, there are a wide range of implications. Let's get into it:<a target="_blank" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Investing</a>: The corporate tax rate is the major difference between the two sides that'll likely have the biggest impact on markets. Trump's plan to reduce the rate, which stands at 21%, is viewed by most as beneficial for corporate earnings. Harris wants to raise the corporate tax rate, which would likely have the opposite effect.<a target="_blank" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">Cost of things</a>: Both candidates are looking to keep leveraging tariffs, but Trump's policy is much more aggressive. His broad-based 10%-to-20% tariff on most imported goods will ultimately make those products more expensive, according to most economists. When it comes to grocery prices, Trump previously said he'd restrict food imports to boost local farmers. Harris wants a federal ban on price gouging, but that'd only be applicable during national emergencies.<a target="_blank" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">Housing</a>: Harris wants to boost construction, with a goal of adding 3 million new housing units during her first term. The former president views his immigration plan — deporting millions of people from the country — as a way to address the housing shortage. Banning mortgages for immigrants living in the US illegally is another way to lower demand, according to Trump.<a target="_blank" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">Taxes</a>: Trump is expected to expand on the tax cuts he established in 2017. The highest earners in the country, those in the top 0.1%, would see a tax reduction of nearly $280,000 whereas middle-income Americans would get a $1,000 break on their taxes, according to one analysis. Harris' proposals will favor lower-income earners, although she's promised to not raise taxes for anyone making below $400,000. She does support a minimum income tax for billionaires.<a target="_blank" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">Childcare</a>: Both candidates have discussed increasing the amount of the child tax credit, which currently provides up to $2,000 per child. Harris has also zeroed in on childcare costs, promising to cap those expenses at no more than 7% of families' income. Neither candidate has suggested funding childcare facilities or boosting hiring, which is a key issue for the industry.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Harris leads Trump by three points in a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/harris-trump-iowa-polling-lead-swing-states-2024-11">new poll in GOP-leaning Iowa</a>.</li><li>TGI Friday's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tgi-fridays-files-for-bankruptcy-2024-11">filed for Chapter 11 bankruptcy</a>.</li><li>Scoop: Gwyneth Paltrow's lifestyle brand Goop <a target="_blank" href="https://www.businessinsider.com/gwyneth-paltrow-goop-lays-off-employees-pivot-beauty-food-fashion-2024-11">conducted another round of layoffs</a>.</li><li>In an all-hands, Intel CEO addresses employee concerns about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">the US election and CHIPS Act funding</a>.</li><li>WATCH: How Elon Musk is reshaping American politics. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-reshaping-american-politics-ahead-of-2024-elections-2024-11">A conversation with Politico and BI</a>.</li><li>How a free meal cost an investor <a target="_blank" href="https://www.businessinsider.com/how-a-free-meal-cost-an-investor-his-retirement-savings-2024-10">his retirement savings</a>.</li><li>The China threat and the EV slowdown — <a target="_blank" href="https://www.businessinsider.com/auto-industry-faces-trouble-in-china-ev-slowdown-2024-11">2 takeaways from a busy few weeks in auto news</a>.</li><li>Record producer Quincy Jones has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/quincy-jones-dead-obituary-2024-11">died at 91 in his home in Bel Air</a>.</li><li>The US dollar is jittery, and it's not <a target="_blank" rel="noopener" href="https://markets.businessinsider.com/news/stocks/us-dollar-presidential-election-fed-interest-rates-china-npc-stimulus-2024-11">only because of the presidential election</a>.</li><li>The Navy's top ballistic missile interceptor comes with a heavy price tag, <a target="_blank" href="https://www.businessinsider.com/us-navy-top-interceptor-missile-heavy-price-tag-low-procurement-2024-10">but the US can't afford to go to war without it</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo of Wall Street with American flags" height="1333" width="2000" msid="114952577" hostid="261" sizebytes="241826"></div><ol><li>These investors give the slight edge to Trump. A survey of some of SumZero's investor community, which includes small hedge funds and family offices, found 53% believe <a target="_blank" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">Trump will win the election</a>. That follows other signals the finance world is sending that it views Trump as the favorite, including European stocks trading at a discount due to concerns over tariffs.</li><li>Interest rate cuts are back. The Fed will announce Thursday what it plans to do with rates, with <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">most traders expecting a 25-basis-point cut</a>. After that, there's one more chance for the Fed to cut rates in December, although JPMorgan's strategy chief said a Trump win <a target="_blank" href="https://www.businessinsider.com/trump-win-fed-pause-rate-cuts-easing-jpmorgan-david-kelly-2024-11">could give the central bank pause</a>.</li><li>Wall Street analysts are scratching their heads over Comcast's potential reorg. The company's president suggested it might spin out CNBC and MSNBC into a new firm while retaining NBC and adding a partner to its steamer. On paper the move makes sense, but analysts question how the cable networks could survive by themselves and <a target="_blank" href="https://www.businessinsider.com/comcast-cable-network-spinoff-peacock-partnership-deal-wall-street-analysis-2024-11">who would be willing to team up with Peacock</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Jensen Huang" height="3526" width="5289" msid="114952576" hostid="261" sizebytes="532426"></div><ol><li>A monumental swap. S&amp;P Dow Jones Indices announced Nvidia will replace Intel in the Dow Jones Industrial Average index, which looks to project the most relevant picture of the US economy. It shows <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">how far Intel has fallen from relevancy</a>, and raises questions about the future role it'll play in computing and AI. BI's Emma Cosgrove explains <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-nvidia-replacing-intel-dow-jones-industrial-average-explained-2024-11">why it's such a big deal</a>.</li><li>Everything we know about the Apple Intelligence rollout. Some of Apple's long-awaited AI features rolled out last week, including a new Siri interface and enhanced Messages. However, other features unveiled at WWDC in June won't be available until 2025. We've got <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-features-rollout-timeline-iphone-16-2024-9">an estimated timeline of the rest of the releases</a>, based on what Apple experts and the company have said since WWDC.</li><li>Some Democratic political advertisers are still betting on X. Though Musk's ownership has shifted the platform's political stance, <a target="_blank" href="https://www.businessinsider.com/democratic-political-advertisers-using-elon-musk-x-twitter-2024-11">a small number of Democratic ad campaigns still see opportunity</a>. Montana Sen. Jon Tester and Texas Rep. Colin Allred are among the Democrats still hanging on tight to X.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Fish with price tags." height="3000" width="4000" msid="114952579" hostid="261" sizebytes="975922"></div><ol><li>Endless options are ruining e-commerce. The allure of online shopping was the ability to compare a variety of options from the comfort of your home. But what happens when there are literally tens of thousands of products to choose from? Information overload, choice paralysis, and <a target="_blank" href="https://www.businessinsider.com/online-shopping-ecommerce-comparison-burnout-too-many-choices-overwhelming-decision-2024-11">extremely frustrated shoppers</a>.</li><li>The great American shoplifting spree. Regular Americans are shoplifting everything from tape measures to blocks of cheese, and they don't feel particularly bad about it. Some of these opportunists view it as a way of fighting back against <a target="_blank" href="https://www.businessinsider.com/middle-class-shoplifting-retail-theft-crime-stealing-stores-2024-11">goods that are unjustly expensive</a>.</li><li>The biggest woes of finding work. BI spoke to over 750 people who have struggled to find a job, from older workers just shy of retirement to eager recent graduates. They shared what they're most frustrated with, including fake job postings, competition from AI, and the feeling of <a target="_blank" href="https://www.businessinsider.com/cant-find-job-unemployment-applications-retirement-mba-age-competition-openings-2024-11">being shut out from some careers</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Fox Corp, Goodyear, Marriott, and other companies report earnings.</li><li>Boeing's unionized workers vote on a new pay offer.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Here's a final breakdown of how both presidential candidates might affect your finances 

<ul class="summary-list"><li>The Fed's interest rate cut will ease financing conditions for homebuilders, analysts told BI.</li><li>But other issues will keep supply constrained, from material costs to labor shortages.</li></ul>The Federal Reserve's rate cut will surely impact the housing market, but its effect likely won't affect arguably the most important part of the equation: keeping affordability tight. To be sure, elevated borrowing costs are partially to blame for the affordability crisis plaguing US home buyers, and lowering them will offer relief.Rates soared to multi-decade highs a year ago, and further reductions in the Fed's benchmark rate should help bring borrowing costs down over time. However, it'll also add to the supply-demand imbalance, as more buyers are lured off the sidelines by cheaper mortgages. Pressures will rise for <a target="_blank" class="" href="https://www.businessinsider.com/us-housing-affordability-home-shortage-market-construction-population-cities-zillow-2024-6">new housing construction to meet demand</a>, but financing is still tight for home builders, stifling momentum to bring more housing online.According to the National Association of Home Builders, manufacturing loans climbed from near 5% lows to 13% since March 2022."The more immediate effect for housing from the rate cut is going to be seen in the builder and the land developer loan conditions," Danushka Nanayakkara-Skillington, NAHB's associate vice president of forecasting, told Business Insider.But how this translates into a much-needed supply boost is a different story, and there are factors the Fed cut won't fix.Lingering uncertaintiesFor instance, Nanayakkara-Skillington noted that material pricing, from drywall to steel mill products, has weighed heavily on homebuilders since the pandemic.While <a target="_blank" href="https://markets.businessinsider.com/news/commodities/lumber-prices-plunge-home-building-season-demand-falls-flat-2024-6">lumber costs</a> have normalized, she expects a <a target="_blank" href="https://www.nahb.org/blog/2024/08/canadian-lumber-tariffs">recent tariff hike</a> on Canadian wood to increase prices in the coming months.Tariffs on Chinese transformers — which NAHB considers a "<a target="_blank" href="https://www.nahb.org/advocacy/top-priorities/material-costs/transformers">sorely</a>" needed component delaying housing projects — have caused prices to jump 73% in the last four years, she said.There are also shortages to consider. Nanayakkara-Skillington cited that 57% of surveyed homebuilders say there are not enough lots to build on, adding pricing pressure to the available supply.Urban Institute senior fellow Michael Neal told BI that local regulation is needed to remedy this issue. Zoning challenges should be addressed to unleash lot availability, he said, while inspection costs and timelines should be reduced.But the biggest issue is a lack of skilled workers, Nanayakkara-Skillington said. "Because we lost about a million construction workers during the Great Recession, we still lack that. So we need people desperately to come into the trades," she said, citing that there are about 250,000 open jobs right now.Nonetheless, the Fed cuts should improve homebuilder sentiment in the coming months after a period of declines amid high borrowing costs, both analysts said. Dim views on existing homesWhile it's difficult to forecast when the housing market will come back into balance, much depends on whether lower rates entice homeowners to start selling.According to Fitch Ratings, that's unlikely for now.Since most owners hold a mortgage rate well below the current 6% level, mortgage rates will need to fall significantly lower to boost supply, which will only happen if the Fed keeps cutting. The rating agency noted that about 24% of outstanding mortgages are priced above 5%, meaning that homeowners will stay put until rates hit that level. This won't happen until 2027, Fitch said."While new home inventory has grown by 29% since the start of the pandemic, improving the supply of existing homes, which are approximately 80% housing sales, is necessary to improve prices and housing market activity," the agency said.At the same time, easing Fed policy might not stir housing activity for another reason, Neal said."Part of the Fed's decision, I think, reflected concerns about whether or not people will have jobs," he noted. "At the same time, if you think rates are going to fall today, do you think rates are going to fall tomorrow?"This thinking might cause people to delay further, he said.Wherever supply comes to stand, a knock-on effect of lower rates and higher builder sentiment may be felt in the stock market. In the past three of five rate cutting cycles, the bank noted that homebuilder shares outperformed the S&amp;P 500 in the three-months following the first cut.

Rate cuts might make it cheaper to buy a house, but they won't fix the US housing market's biggest problem 

<ul class="summary-list"><li>Shannon St. Val pivoted from her job in finance to pursue a career in real estate.</li><li>She is now the founder and owner of a short-term vacation-rental company.</li></ul>Shannon St. Val is the founder and owner of <a target="_blank" href="https://ep-mg.com/">Elevate Vacation Rentals</a>, a short-term vacation-rental company based in New York. She left her job in finance to manage short-term rental properties and shares how she started, how she makes money, and the challenges of the industry.This as-told-to essay is based on a conversation with Shannon St. Val. It has been edited for length and clarity.My career in property management hasn't been a straight path. My degrees are in finance and real estate, and I graduated in 2008 when the <a target="_blank" class="" href="https://www.businessinsider.com/office-commercial-real-estate-cre-crash-2008-gfc-delinquency-vacancy-2024-3">subprime meltdown</a> happened. I thought I would be working in commercial real estate, but then all the real-estate jobs disappeared and I started working in finance.I worked at Klynveld Peat Marwick Goerdeler, or KPMG, on the consulting side, specializing in financial operations for big banks and broker-dealers, specifically for investment-management firms.I knew I didn't want to work in finance for too long because the culture was intense. In 2016, I left my job to be my own boss. I took many of my finance and consulting skills and founded my own short-term property management company.At first, I started managing a few properties for myself, and then when COVID happened, I had to pivot and expand. I decided to take on clients outside New York instead of just managing my own. It's been my dream to return to real estate with property management.<h2 id="f5bbe9fe-75d5-46bf-9651-eee295b6fd7e">How I find clients</h2>A lot of my early clients came through word of mouth. I had friends, particularly people I met in the finance industry, who had houses in <a target="_blank" class="" href="https://www.businessinsider.com/marthas-vineyard-ferry-review-new-england-2024-7">Martha's Vineyard</a> or <a target="_blank" class="" href="https://www.businessinsider.com/hamptons-hot-spots-visitors-buyers-from-real-estate-agent-2024-6">the Hamptons</a> and would ask, "Hey, you're managing properties. I have a house. Can you manage mine?" Some people will advertise on social media, but I've gotten my business through <a target="_blank" class="" href="https://www.businessinsider.com/small-business-founders-explain-grow-your-company-referrals-2023-10">referrals</a>. If you do good business, people will refer you to their network.Some property managers who are just starting have found success in <a target="_blank" class="" href="https://www.businessinsider.com/cold-email-formula-that-landed-me-response-from-meta-executive-2024-5">cold pitching</a>. This means reaching out to short-term rental owners and saying, "I know you may have a manager, but I'm willing to work for a lower rate for the first year." Then, if you meet their expectations, you can increase the rate.Some companies can do outbound emails or outbound marketing for you, where you blast local owners or anyone who recently bought a new house in that particular vacation-rental area, advertising your services.<h2 id="25cfe19f-2fc1-49c4-8eee-5946221a2bc7">How I earn a living from property management</h2>There are two ways to earn money from managing short-term properties. The first is by working with vacation-rental owners and charging a commission on the nightly rate. I've seen commissions as low as 10% and as high as 30%, but the industry standard is typically 15% to 20%.I also manage a building. It's a master lease, which means I pay a flat rate and collect rent from each unit as a short-term vacation rental. Some homeowners just want their flat-rate rent and don't want to be involved, so I'll do a short-term rental. You have to be a little more sophisticated in this because if you don't budget and know your expected revenue, you could misprice it and lose a lot of money. With that model, we want to get at least a 25% to 30% return to provide a buffer in slower months.<h2 id="10437455-20ce-4e54-81a9-64cada1f3402">My typical day</h2>Your typical workday will depend on how many properties you manage. We're managing roughly 30 properties now, so we have a team that handles guest support. I work about eight or nine hours a day, but the job is really 24/7. If there's an emergency, you need to be available.My typical schedule involves a lot of meetings. We always meet with the cleaning team to discuss maintenance and cleaning issues. We go over that once a week with one of the cleaning companies we work with. In the middle of the day, we'll work on pricing reports for owners, update the listings, and read through guest reviews.We also schedule <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/home-inspection">property checks and inspections</a> at least once or twice a month, depending on the property. It requires a lot of coordination, so you'll have to get used to talking on the phone frequently, rather than texting or Slacking messages.<h2 id="6416bf44-fab1-45cc-8b50-23bbf7277ff0">The challenges and rewards of property management</h2>Managing properties is time-consuming, especially if you're doing short-term rentals. You have to have 24-hour guest support, and things like cleaning crews and a maintenance person have to be coordinated for each property. The logistics are significantly harder with vacation-rental management versus standard property management.The most rewarding part of the job is helping my clients or the owners see the untapped value in their homes and helping them earn more money than they would have anticipated. I get thrilled when I double their income. I'm also happy to get a five-star review or feedback that we were super attentive, paid attention to detail, provided great customer service, or resolved an issue quickly.<h2 id="be52c448-f4a1-4953-97a8-8fcbc0d51a77">Advice for transitioning to property management</h2>You have to be very organized, have structured processes, and be good at communicating with multiple stakeholders, including the vendors, owners, and guests. My corporate background helped me a lot because it had so much structure, and I came in with project management and logistical skills. I have a certification through the <a target="_blank" href="https://www.pmi.org/">Project Management Institute</a>, but getting a degree or certification is optional.To break into the industry, I recommend working for a vacation-rental company before branching out independently. Use the time to learn some of their best practices before you move on. Check out national companies like <a target="_blank" href="https://www.vacasa.com/">Vacasa</a> or <a target="_blank" href="https://www.hostgenius.ca/locations/tampa">Host Genius</a>, which usually hire in different markets.You could also work with a smaller company like mine, where you just reach out and say, "Hey, do you have any roles?" There's always something to be done, and management companies are always looking for good help. Another way to break in is to attend a <a target="_blank" href="https://www.vrma.org/events/event-calendar">regional or national vacation-rental management conference</a> to network. Find a conference in your area, and you'll meet a lot of managers in one setting.<h2 id="4fabd0d5-be6d-4e5a-ba5d-90ebef4300ff">What I wish I'd known before starting out</h2>Property management can be very rewarding, but I didn't realize how important it was to overcommunicate. I also didn't know how hard managing so many stakeholders would be. For every property, I usually have between four and seven different people involved. I have the owner, the lawn person, the trash person, the regular maintenance person, the cleaner for that house, and then I have my guest support.Sometimes, keeping track of who's who can be overwhelming. So if you want to manage a larger <a target="_blank" class="" href="https://www.businessinsider.com/financing-strategies-for-real-estate-investing-how-to-scale-portfolio-2024-5">portfolio</a>, you need a really good process and team to keep track of everything. You also have to be extremely organized, provide good customer service, and pay close attention to detail.

How I transitioned from a career in finance to short-term property management

<ul><li><keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword>’s share price has skyrocketed over the last 10 trading days. </li><li>Every ₹10,000 invested in the stock on May 25 is now worth ₹22,000 as on June 7, 2021. </li><li>However, the potential upside could be limited from the current share price. </li></ul>Shares of PNB Housing Finance have hit the upper circuit six days in a row, more than doubling investor wealth. Had an investor put in ₹10,000 in the stock on May 25, 2021, it would be worth nearly ₹22,000 today. The incessant rally in PNB Housing Finance’s shares was triggered by the news of former <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> chief executive officer (CEO) <keyword id="6406769" type="LOCATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> and US-based private equity firm The <keyword id="44803" type="COMPANY" weightage="20" keywordseo="Carlyle-group">Carlyle Group</keyword> investing in the non-banking lender. <div type="Article" hostid="261" msid="83105948" title="Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer" mstype="2" mssubtype="0"></div> <div type="image" title="PNB Housing Finance 25_05_21 to 07_06_21." msid="83306222" hostid="261" caption="&amp;lt;p&amp;gt;PNB Housing Finance share price&amp;lt;/p&amp;gt;"></div> Over the last 10 trading sessions, the non-banking lender’s share price has surged by over 118%. The company’s shares have been locked in the upper circuit for the last six consecutive days. But the upside could be limited, according to Kranthi Bathini, director of equity strategy at WealthMills Securities. “There has been a sharp run-up in the share price of PNB Housing Finance over the last few trading sessions. This could mean the potential upside now is limited,” Bathini told Business Insider. “The recent investment news has turned it into a momentum stock. The rally in share prices of such stocks is driven by news, and not necessarily the technicals and fundamentals,” he further added, linking the sharp rally in PNB Housing Finance’s share price to the ₹4,000 crore fundraising news. According to the company’s exchange filing, private equity giant The Carlyle Group will contribute to 80% of the ₹4,000 crore capital raise. The other prominent name in the fundraise is Aditya Puri’s Salisbury Investments. Puri is the former CEO and MD of HDFC Bank, India’s largest private sector bank, which also owns the country’s largest private mortgage lender HDFC. The company noted in its exchange filing that the primary objective of the fundraise is to augment capital adequacy, reduce the ratio of debt to equity and fund its growth objectives in the retail lending segment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/former-hdfc-bank-ceo-aditya-puri-and-carlyle-will-be-among-the-new-owners-of-pnb-housing-finance-triggering-an-open-offer/articleshow/83105948.cms">Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer</a> <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/business/startups/news/online-broker-zerodhas-valuation-has-doubled-from-1-billion-to-2-billion-within-a-years-time/articleshow/83037425.cms">Zerodha doubles its valuation to $2 billion within a year as millennials plough India’s stock markets</a>

PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now

<ul><li><keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword> has announced a fundraise of ₹4,000 crore.</li><li>The fundraising will be led by The <keyword id="44803" type="COMPANY" weightage="20" keywordseo="Carlyle-group">Carlyle Group</keyword> and former <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> CEO <keyword id="6406769" type="COMPANY" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword>.</li><li>Shares of PNB Housing Finance hit the 20% upper circuit, reacting to the news.</li></ul>The board of non-banking lender PNB Housing Finance has approved a fundraising of ₹4,000 crore. Former HDFC Bank chief executive officer (CEO) Aditya Puri and US-based private equity firm The Carlyle Group have emerged as the leading investors. The government-owned Punjab National Bank (PNB), which owns a little over 32% stake right now, will continue to be a promoter and a key stakeholder of the company. PNB Housing Finance said each of QIH, Pluto and Salisbury Investments will be classified as part of the “promoter group” of the company, following the completion of the transactions under Pluto SSA and Salisbury SSA, respectively. Reacting to the news, shares of PNB Housing Finance went through the roof, hitting an upper circuit of 20% at around 10:10 am. <div type="image" title="PNB Housing Finance 15_04_21 to 31_05_21." msid="83106098" hostid="261" caption="&amp;lt;p&amp;gt;PNB Housing Finance share price&amp;lt;/p&amp;gt;"></div> According to the company’s exchange filing, private equity giant The Carlyle Group, will contribute to 80% of the ₹4,000 crore capital raise. The other prominent name in the fundraise is Aditya Puri’s Salisbury Investments. Puri is the former CEO and MD of HDFC Bank, India’s largest private sector bank, which also owns the country’s largest private mortgage lender HDFC. The company notes in its exchange filing that the primary objective of the fundraise is to augment the capital adequacy, reduce the ratio of debt to equity and fund its growth objectives in the retail lending segment. The equity issue is priced at ₹390 per share, which is a discount of nearly 11% over the previous closing price. This has triggered an open offer for acquisition of over 70 million shares, representing 26% of the company’s existing equity shares. The open offer price is quoted at ₹403.22 per share, which is at a discount of nearly 8% over the previous closing price. <cmsannotation type="cmsannotation" annotationid="Fundraising has been long overdue" comment="subhead" text="Fundraising has been long overdue">Fundraising has been long overdue</cmsannotation> The fundraising announcement is long overdue for the lender. Back in November 2020, the company had announced a fundraise of ₹1,800 crore via a preferential issue of shares. However, its plans were derailed as its parent Punjab National Bank was not permitted by the Reserve Bank of India to pour in the capital into its lending subsidiary. Later, in an analyst call in April 2021, PNB Housing Finance’s CEO and MD, Hardayal Prasad, said that the company is evaluating its options. “As you are aware that we were waiting for the capital raise with participation of PNB and ₹600 crore was earmarked since then. But after, the permission was not given. So, we have initiated the process of evaluating all options and modes for the fundraise,” said Prasad. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/business/startups/news/online-broker-zerodhas-valuation-has-doubled-from-1-billion-to-2-billion-within-a-years-time/articleshow/83037425.cms">Zerodha doubles its valuation to $2 billion within a year as millennials plough India’s stock markets</a>

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