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AP’s interim order for suspension of DRDA’s notice provides relief to SKS Microfinance

25 Jun 2012 Evaluate

SKS Microfinance is trading on a jubilant note on reports stating that Andhra Pradesh High Court has issued an interim order suspending District Rural Development Agency's (DRDA) notice to terminate the company's registration in Mahabubnagar district.

SKS Microfinance is currently trading at Rs 68.85, up by 3.40 points or 5.19% from its previous closing of Rs 65.45 on the BSE.

The scrip opened at Rs 67.75 and has touched a high and low of Rs 71.20 and Rs 66.45 respectively. So far 151702 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 608.65 on 13-Jul-2011 and a 52 week low of Rs 54.40 on 05-Jun-2012.

Last one week high and low of the scrip stood at Rs 71.20 and Rs 60.90 respectively. The current market cap of the company is Rs 504.05 crore.

The promoters holding in the company stood at 36.84% while Institutions and Non-Institutions held 20.56% and 42.61% respectively.

Additionally, the company has secured employment for 248 displaced employees following its collaboration with leading corporates and recruitment consultancies. An additional 255 candidates have been shortlisted for various positions.

Leading organizations including Coromandel Fertilizers, Genius Consultants, Reliance Life Insurance Company, Smaat Aqua Technologies, Tikona Digital Networks, TeamLease Services and TMI Networks have participated in SKS Microfinance’s job fairs.

The job fairs have been organized in Hyderabad and Vijayawada following the success of pilot projects in the two places earlier in the month. In all, 715 ex employees of SKS Microfinance registered for the job fairs. The candidates underwent training and reorientation programmes at SKS Microfinance.

SKS Microfinance is a non-banking finance company (NBFC), registered and regulated by Reserve Bank of India, whose mission is to eradicate poverty by providing financial services to the poor.

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