Cholamandalam Investment surges 11% on robust June quarter result

The company expects a gradual revival in subsequent quarters in FY22 with normalization and rollbacks of accounts which moved to higher buckets.

Shares of Cholamandalam Investment and Finance Company (CIFC) moved higher by 11 per cent to Rs 529 on the BSE in the intra-day trade on Monday on the back of heavy volumes after the non-banking finance company (NBFC) reported a good set of numbers for the quarter ended June 2021 (Q1FY22).

Trading volumes on the counter jumped nearly three-fold with a combined 15.85 million equity shares changing hands on the NSE and BSE till 03:10 pm. In comparison, the S&P BSE Sensex was up 0.70 per cent, or 369 points, at 52,955.55 points.

In Q1FY22, CIFC reported profit