Magma Fincorp is currently trading at Rs. 178.50, up by 9.30 points or 5.50% from its previous closing of Rs. 169.20 on the BSE.
The scrip opened at Rs. 170.50 and has touched a high and low of Rs. 185.00 and Rs. 167.00 respectively. So far 42056 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 185.00 on 03-Aug-2017 and a 52 week low of Rs. 86.50 on 09-Nov-2016.
Last one week high and low of the scrip stood at Rs. 185.00 and Rs. 165.20 respectively. The current market cap of the company is Rs. 4009.59 crore.
The promoters holding in the company stood at 27.75%, while institutions and non-institutions held 49.87% and 22.39% respectively.
Magma Fincorp is reportedly planning to focus on the affordable housing segment instead to grow its home loan business. Its total housing loan book, which includes loan against property also, is close to Rs 2,972 crore.
Currently, the share of home loan is close to 30 per cent while loan against property is 70 per cent of their total business. The company intends to reverse this mix in the near future.
During the current fiscal, Magma’s focus would be on bringing down cost of funds and managing asset quality even if that comes on the back of a lower growth in business.
Magma Fincorp is a non-deposit taking NBFC registered with the Reserve Bank of India (RBI) as an asset finance company. It started operations two decades back and is now listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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