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Magma Fincorp trades in green on the BSE

25 May 2012 Evaluate

Magma Fincorp is currently trading at Rs. 58.75, up by 0.20 points or 0.34% from its previous closing of Rs. 58.55 on the BSE.

The scrip opened at Rs. 58.00 and has touched a high and low of Rs. 59.35 and Rs. 58.00 respectively. So far 113 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 87.00 on 15-Jul-2011 and a 52 week low of Rs. 48.10 on 18-Nov-2011.

Last one week high and low of the scrip stood at Rs. 60.50 and Rs. 57.10 respectively. The current market cap of the company is Rs. 1113.73 crore.

The promoters holding in the company stood at 33.70% while Institutions and Non-Institutions held 56.40% and 9.91% respectively.

Insurance Regulatory and Development Authority (IRDA) has granted Certificate of Registration for R1 and R2 application of JV Company between Magma Fincorp and HDI Gerling  International Holding  AG (HDI), ( a part of  Talanx AG Group, Germany) General Insurance Company, namely ‘Magma HDI General Insurance Company’. The certification of registration is for conducting General Insurance Business in India. However, the approval from the regulator came in April 16, 2012.

Magma Fincorp has signed a joint venture agreement with Germany-based HDI-Gerling International Holding AG for its foray into general insurance business in July 2009. The joint venture company - Magma HDI General Insurance Company had received Reserve Bank of India's approval in October 2009. The company also received R1 license from the IRDA in April 2011, while it received 2 license from IRDA on April, 2012.

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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