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Magma Fincorp trades with traction on the bourses

04 Jun 2012 Evaluate

 Magma Fincorp is currently trading at Rs. 59.45, up by 2.20 points or 3.84% from its previous closing of Rs. 57.25 on the BSE.

The scrip opened at Rs. 58.00 and has touched a high and low of Rs. 59.45 and Rs. 58.00 respectively. So far 5 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. 60.95 and Rs. 56.00 respectively. The current market cap of the company is Rs. 1119.42 crore.

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

Magma Fincorp has forayed into Gold Loan Business with the launch of Magma Gold Loan. The company’s board of directors in their meeting held on December 15, 2011, passed an enabling resolution to enter into Gold Loan Business. Further, the company is planning to start its retail housing finance business during the next fiscal.

Recently, 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’.

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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