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Magma Fincorp trades in green on the BSE

14 Aug 2012 Evaluate

Magma Fincorp is currently trading at Rs. 67.90, up by 1.90 points or 2.88% from its previous closing of Rs. 66.00 on the BSE.

The scrip opened at Rs. 68.10 and has touched a high and low of Rs. 68.25 and Rs. 66.00 respectively. So far 6856 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 77.75 on 09-Sep-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. 69.00 and Rs. 63.50 respectively. The current market cap of the company is Rs. 1288.28 crore.

The promoters holding in the company stood at 33.70% while Institutions and Non-Institutions held 56.45% and 9.85% respectively.

Credit rating agency, CARE has assigned ‘AA+’ rating to proposed secured redeemable bonds worth Rs 500 crore of Magma Fincorp.

The company has received the said rating on the back of substantial capital infusion by reputed entities in FY12 leading to improvement in capital structure and Capital Adequacy Ratio (CAR) and consistent increase in collection efficiency & disbursements. The said rating is also backed by long track record and wide branch network of the company.

Earlier in July, Magma Fincorp received fundamental grade of 3/5 from rating agency CRISIL Research. The rating agency also assigned a valuation grade of 5/5 to the 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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