Shares of this micro-finance institution are buzzing on the bourses today!

Owing to this, the stock is one of the top gainers on BSE from Group A.

The shares of Spandana Sphoorty Financial Ltd, an S&P BSE SmallCap company, are buzzing on the bourses today. As of 11.50 am, the shares of Spandana Sphoorty Financial Ltd are trading higher by 4.64%. Owing to this, the stock is one of the top gainers on BSE from Group A.

Meanwhile, the frontline index S&P BSE Sensex is down by 0.40%.

The rally in the share price of the company has come on the back of an announcement made by the company yesterday. As per the exchange filing, the management committee of the Board of Directors of the Company has approved the transfer of stressed loan portfolio including written off loans of Rs.323.08 crore outstanding as of September 30, 2022 to an Asset Reconstruction Company, pursuant to Swiss Challenge Method for a consideration of Rs 95 crore.

Spandana Sphoorty Financial Ltd is a Micro Finance firm head-quartered at Hyderabad, India. With a humble beginning in 1998, today the organisation has expanded its roots to 18 states across India with its head office in Hyderabad. It has over 1,010 branches and over 8,200 employees working at the head office and branches.

In the recent quarter Q2FY23, on a consolidated basis, the company’s net revenue decreased by 25.8% YoY to Rs 282.83 crore. However, the company reported a net profit of Rs 55.19 crore as against a net loss of Rs 58.6 crore.

In FY22, the company delivered an ROE & ROCE of 2.4% and 8.5% respectively. The company is a constituent of Group A stocks and commands a market capitalization of Rs 4,068.05 crore. 

Today, the scrip of Spandana Sphoorty Financial opened at Rs 560.40 and has touched a high and low of Rs 575 and Rs 558.80, respectively. So far 539 shares have been traded on the bourses. The stock has a 52-week high & low of Rs 650 and Rs 288.75 respectively on BSE.