Magma Fincorp hits 5% upper circuit for 2nd straight day, nears 52-wk high

The company has appointed Adar Poonawala as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it

Shares of Magma Fincorp were locked in 5 per cent upper circuit for the second straight day, up 5 per cent at Rs 143.05 on the BSE on Tuesday after the company appointed Adar Poonawala as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it.

The stock of the non-banking finance company was trading close to its 52-week high level of Rs 147.90, touched on May 10, 2021. Till 02:16 pm, a combined 1.01 million shares had changed hands and there were pending buy orders for 2.9 million