SREI Infra spurts after RBI OKs rolling out white label ATMs

SREI Infrastructure Finance spurted 12.08% to Rs 28.30 on BSE after the company said it bagged approval from the Reserve Bank of India to operate payment system for white label ATMs with effect from 25 March 2014.

The company made the announcement during trading hours today, 26 March 2014.

Meanwhile, the BSE Sensex rose 40.09 points, or 0.18%, to 22,095.30.

On BSE, 9.40 lakh shares were traded in the counter, compared with an average volume of 1.68 lakh shares in the past one quarter.

The stock hit a high of Rs 29 and a low of Rs 25.30 during the day. The stock hit a 52-week high of Rs 31 on 2 May 2013. The stock hit a 52-week low of Rs 17.45 on 28 August 2013.

The stock had outperformed the market over the past one month till 25 March 2014, rising 14.51% compared with the Sensex's 5.77% rise. The scrip had also outperformed the market in past one quarter, gaining 16.63% as against Sensex's 4.86% rise.

The small-cap company has an equity capital of Rs 503.09 crore. Face value per share is Rs 10.

SREI Infrastructure Finance announced that the Reserve Bank of India (RBI) has granted certificate of authorisation to the company to set-up, own and operate payment system for white label ATMs with effect from 25 March 2014.

The aforesaid authorisation issued to set up WLAs under Scheme 'A' of RBI Policy guidelines dated 20 June 2012 shall be valid upto 31 March 2019, the company said.

On a consolidated basis, SREI Infrastructure Finance's net profit was almost flat at Rs 46.30 crore in Q3 December 2013 compared with net profit of Rs 46.28 crore in Q3 December 2012. Total income rose 3% to Rs 806.65 crore in Q3 December 2013 over Q3 December 2012.

SREI Infrastructure Finance is a holistic infrastructure institution. The company's businesses include infrastructure project finance, advisory and development, infrastructure equipment finance, alternative investment funds, capital market and insurance broking. SREI has a pan - India presence with a network of 99 offices and has also replicated its business model overseas with offices in the Russian Federation.

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