The company traded 1.656 crore equity shares on the NSE and BSE.
Shares of Punawalla Fincorp (formerly known as Magma Fincorp) rose 8 percent on the BSE in inter-day trading on Wednesday. Due to this rally, the stock touched a 52-week high of Rs 343.75. The stock has gained momentum in anticipation of good quarterly results.
At 10:24 a.m. today, Punawalla Fincorp is trading at Rs 335.40, up 6 per cent on heavy trading in these stocks. In comparison, the S&P BSE Sensex traded up 0.08 percent at 58,622 points. At the NSE and BSE, 1.656 crore equity shares, or 2 per cent of the total equity, were traded.
Punawalla Fincorp is a non-banking finance company (NBFC) promoted by Cyrus Punawala Group. Its shares have risen 44 percent in the past month. On the other hand, the S&P BSE Sensex rose 6 percent.
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Looking at the S&P BSE Sensex data for the last 6 months, the stock has more than doubled since the index fell 3.3 percent. In the last six months, it has risen to 110 percent.
Punawalla Fincorp is managed by a new promoter It aims to be one of the top 3 NBFCs for consumer and small business financing. MK Global Financial Services said: “The company expects its portfolio to triple in about four years. The low cost of borrowing has increased its RoAs to 3.0-3.5 per cent.
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