M&M Financial Services hits new high, stock soars 8%
The company seeks shareholders approval to increase in the borrowing limit for expansions and to meet increased financial needs.
M&M Financial Services has rallied 8% to Rs 251, also its record high on BSE, after the company said it seeks shareholders approval via postal ballot to increase in the borrowing limit for expansions and to meet increased financial needs of the company.
The stock opened at Rs 234 and has seen a combined 2.38 million shares changing hands on the counter till noon deals on BSE and NSE.
The board has already approved the increase in the borrowing limit from Rs 30,000 crore to Rs 38,000 crore, in order to further expand its business and to meet its increased financial needs, M&M Financial Services said in a statement.
Meanwhile, the stock has rallied 21% in past two weeks, on reporting a healthy 43% year-on-year (yoy) growth in its consolidated net profit at Rs 346 crore for the quarter ended March 2013 on the back of growth in loan disbursements in the semi-urban and rural areas.
In November last year, the company had raised Rs 867 crore by issuing 9.75 million equity shares to qualified institutional buyers (QIB) at a price of Rs 889 per share (pre stock split from Rs 10 to Rs 2).
The stock opened at Rs 234 and has seen a combined 2.38 million shares changing hands on the counter till noon deals on BSE and NSE.
The board has already approved the increase in the borrowing limit from Rs 30,000 crore to Rs 38,000 crore, in order to further expand its business and to meet its increased financial needs, M&M Financial Services said in a statement.
Meanwhile, the stock has rallied 21% in past two weeks, on reporting a healthy 43% year-on-year (yoy) growth in its consolidated net profit at Rs 346 crore for the quarter ended March 2013 on the back of growth in loan disbursements in the semi-urban and rural areas.
In November last year, the company had raised Rs 867 crore by issuing 9.75 million equity shares to qualified institutional buyers (QIB) at a price of Rs 889 per share (pre stock split from Rs 10 to Rs 2).