Ujjivan Financial Services advanced 3.54% to Rs 301.40 after a foreign broker maintained its neutral rating on the stock while raising its target price to Rs 325 from Rs 260 per share.
The foreign brokerage reportedly stated that Ujjivan Small Finance bank listing is imminent and pre-IPO deal values the company at 1.7 times estimated FY21 book value. It added that the promoter stake sale/reverse merger is now a new monitorable.
Meanwhile, the S&P BSE Sensex was down 235 points or 0.58% to 40,340.50.
The Ujjivan Financial Services stock was trading in the range of Rs 292 to Rs 302.60 so far during the day. In the past one month, the stock fell 2.96% to its current market price of Rs 301.40, underperforming the Nifty Financial Service index's 4.60% rise in the same period.
Ujjivan Financial Services' consolidated net profit jumped 116.6% to Rs 63.23 crore on 54.7% surge in net sales to Rs 710.04 crore in Q2 September 2019 over Q2 September 2018.
Ujjivan Financial Services is a non-banking finance company engaged in the micro finance lending business.
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