Shares of Magma Fincorp were locked in the 10 per cent upper circuit band at Rs 84.95, surging 45 per cent in three days, after the company said disbursements in December quarter (Q3FY21) grew by 45 per cent year on year (YoY) driven by pick-up in used assets and affordable housing. The company registered improvement in collections, with collection efficiency of 90 per cent in October and November, and 94 per cent in December 2020. The bounce back in vehicle sales has been stronger than anticipated and demand for mobility and own housing will drive lending in 2021, it said. The stock of the non-banking finance company was trading at its 52-week high level in an otherwise subdued market. Till 01:35 pm, a combined 7.15 million equity shares had changed hands on the NSE and BSE, and there were pending buy orders for 680,000 shares. In comparison, the S&P BSE Sensex was down 0.53 per cent at 51,058 points.
This NBFC stock rallied 45% in 3 sessions; 568% in 9 months
On Wednesday, Magma Fincorp shares gained as much as 10 per cent to hit 52-week high of Rs 84.95 on Bombay Stock Exchange
Chitranjan Kumar | February 10, 2021 | Updated 20:53 IST
Magma Fincorp shares surged 45% in 3 sessions
Magma Fincorp shares hit upper circuit of 10 per cent in intra-day trade on Wednesday, hitting fresh 52-week high of Rs 84.95 on Bombay Stock Exchange. Magma Fincorp s stock price has gained 45.55 per cent over the last three sessions following December quarter results. The Mumbai-based non-banking financial company (NBFC) saw its shares rise 568 per cent over the last 9 months from its 52-week low of Rs 12.70, touched on May 28, 2020.