MAS Financial Services rose 1.07% to Rs 767.95 after the company entered into a strategic co-lending partnership with Bank of India (BoI) for lending to micro, small and medium enterprises (MSME).
The co-lending partnership will help MAS Financial Services to broaden its client base and expand the credit flow to the untapped markets using its footprint across pan India, ensuring last mile delivery of credit and extending credit where it is due. The business under this arrangement will scale up steadily and more enabling products will be introduced to serve the MSME segment which offers huge opportunity.
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MAS Financial Services' consolidated net profit fell 1.8% to Rs 36.94 crore on a 7.4% decline in net sales to Rs 156.52 crore in Q1 FY22 over Q1 FY21.
MAS Financial Services is a Gujarat-headquartered NBFC with more than two decades of business operations. The company's business and financing products are primarily focused on middle and lower income customer segments spread across urban, semi urban and rural areas, and including formal and informal sector.
Meanwhile, shares of Bank of India (BoI) gained 1.04% to Rs 58.55 on BSE. BoI is a public sector bank. The Government of India held 90.34% stake in BoI as on 30 June 2021.
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