Magma Fincorp locked in 5% upper circuit; stock zooms 114% in 2 weeks

Rating agencies, CARE and ICRA, placed the rating of the company's long/short term bank facilities on watch with developing implication

Shares of Magma Fincorp (MFL), on Friday, were locked in 5 per cent upper circuit at Rs 125.05; also its fresh 52-week high, on the BSE after rating agencies placed the rating of the company’s long/short term bank facilities on watch with developing implication.

The trading volumes on the counter more-than-doubled with a combined 7.77 million equity shares changing hands on the NSE and BSE, till 11:02 am.

In the past two weeks, the stock of the non-banking finance company (NBFC) has zoomed 114 per cent after the company reported good October-December quarter results and further announced that