Volumes jump at 3M India counter

Mindtree, Bharat Forge and SKS Microfinance are among the other stocks to see a surge in volumes on BSE today, 18 September 2013.

3M India clocked volume of 20,000 shares by 12:28 IST on BSE, a 15.78-times surge over two-week average daily volume of 1,299 shares. The stock rose 1.27% to Rs 3,076.

Mindtree notched up volume of 1.58 lakh shares, a 13.26-fold surge over two-week average daily volume of 12,000 shares. The stock rose 2.89% to Rs 1,112.85 after hitting a record high of Rs 1,113.85 earlier today, 18 September 2013.

Bharat Forge saw volume of 25.16 lakh shares, a 2.48-fold surge over two-week average daily volume of 10.15 lakh shares. The stock rose 0.57% to Rs 264.10.

SKS Microfinance clocked volume of 3.72 lakh shares, a 1.78-fold surge over two-week average daily volume of 2.09 lakh shares. The stock spurted 9.41% to Rs 135.40 after the company said that a leading rating agency has assigned 'A' rating for its long-term and 'A1' rating for its short-term bank facilities for an aggregate sum of Rs 2000 crore.

According to the rating agency, instruments with 'A' rating are considered to have adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk. Instruments with 'A1' rating are considered to have very strong degree of safety regarding timely payment of financial obligations and carry lowest credit risk, SKS said. SKS Microfinance's borrowings as of 31 August 2013 stood at Rs 1675 crore.

SKS Microfinance said that the ratings are significant in view of the fact that the company has sustained and completed its turnaround in Q1 FY 2014 with three consecutive quarters of profit. During the Andhra Pradesh situation, the company had repaid Rs 5800 crore to the banking system without any rescheduling or deferral or haircut. As of 30 June 2013, the company had a capital adequacy ratio of 30% and cash and bank balance of Rs 310 crore. Collection efficiency of the non-Andhra Pradesh portfolio is at 99.8% in Q1 FY 2014, SKS said.

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