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Bharat Financial Inclusion jumps on foreign brokerage rating

Capital Market 

Financial Inclusion rose 7.86% to Rs 734 at 11:44 on on reports that a foreign brokerage has maintained overweight rating on the stock for a target price of Rs 1,125 for its strong collection progress.

Meanwhile, the S&P Sensex was up 177.12 points or 0.67% at 26,527.29.

On BSE, so far 3.08 lakh shares were traded in the counter as against average daily volume of 2.11 lakh shares in the past one quarter. The stock hit a high of Rs 734.50 and a low of Rs 691 so far during the day. The stock had hit a 52-week high of Rs 938.75 on 29 July 2016. The stock had hit a 52-week low of Rs 434.85 on 9 December 2015. The stock had underperformed the market over the past one month till 28 November 2016, sliding 22.94% compared with the Sensex's 5.7% fall. The scrip had also underperformed the market in past one quarter, declining 13.28% as against the Sensex's 5.15% fall.

The mid-cap company has equity capital of Rs 137.91 crore. Face value per share is Rs 10.

The foreign brokerage reportedly said that Financial Inclusion has collected 89% of its overall dues over the period from 11 November to 25 November 2016.

Financial Inclusion's net profit rose 87.4% to Rs 145.88 crore on 38.6% increase in total income to Rs 449.60 crore in Q2 September 2016 over Q2 September 2015.

Financial Inclusion is among the largest microfinance companies in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 29 2016. 11:41 IST