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Magma Fincorp surges on plan to increase focus on vehicle loans in Andhra Pradesh, Telangana

12 Sep 2014 Evaluate

Magma Fincorp is currently trading at Rs. 131.90, up by 2.85 points or 2.21% from its previous closing of Rs. 129.05 on the BSE.

The scrip opened at Rs. 130.00 and has touched a high and low of Rs. 134.00 and Rs. 128.75 respectively. So far 21460 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 2 has touched a 52 week high of Rs. 142.00 on 10-Sep-2014 and a 52 week low of Rs. 62.00 on 26-Sep-2013.

Last one week high and low of the scrip stood at Rs. 142.00 and Rs. 117.10 respectively. The current market cap of the company is Rs. 2488.58 crore.

The promoters holding in the company stood at 33.63% while Institutions and Non-Institutions held 56.60% and 9.77% respectively.

Magma Fincorp is planning to increase its focus on vehicle loans in Andhra Pradesh and Telangana. The company is targeting 20% growth in FY15 by increasing its disbursal of cars and tractors.

The company disbursed Rs 562 crore in the two States during the financial year ended March 31, 2014. It has 24 branches in Andhra and Telangana and would consolidate business rather than expanding them this year.

Magma Fincorp is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an asset finance company. The company, having started operations over two decades back, is listed on the Bombay Stock Exchange and the National Stock Exchange in India.

 

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