Bharat Financial Inclusion jumps after raising funds

Bharat Financial Inclusion jumped 9.6% to Rs 694 at 14:30 IST on BSE after the company announced issuance of commercial papers aggregating to Rs 25 crore.

The announcement was made before market hours today, 16 November 2016.

Meanwhile, the S&P BSE Sensex was up 181.73 points or 0.69% at 26,486.36.

Bargain hunting also materialised after the stock tumbled 23.22% in four sessions to settle at Rs 633.20 yesterday, 15 November 2016, from a close of Rs 824.70 on 8 November 2016.

More than usual volumes were witnessed on the counter. On BSE, so far 5.47 lakh shares were traded in the counter as against average daily volume of 2.01 lakh shares in the past one quarter. The stock hit a high of Rs 709.50 and a low of Rs 640 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 419.75 on 26 November 2015. The stock underperformed the market over the past one month till 15 November 2016, slumping 29.15% compared with the Sensex's 4.95% fall. The scrip also underperformed the market in past one quarter, tanking 21.98% as against the Sensex's 6.56% decline.

The mid-cap company has equity capital of Rs 137.81 crore. Face value per share is Rs 10.

Bharat Financial Inclusion announced that the company issued commercial papers of an aggregate amount of Rs 25 crore yesterday, 15 November 2016, which have been rated A1+ by a leading rating agency. Instruments with A1+ rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk. The aggregate amount of commercial papers outstanding as on date is Rs 475 crore, company added.

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

Bharat Financial Inclusion is among the largest microfinance companies in India.

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