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Magma Fincorp soars 45% in 3 days on improved collection efficiency in Q3

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.

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