SKS Microfinance rose 2.3% to Rs 187.05 at 10:19 IST on BSE after the company said it has completed seventh substantial microfinance securitization of Rs 158.27 crore during the current financial year.
The announcement was made during trading hours today, 24 February 2014.
Meanwhile, the S&P BSE Sensex was down 15.58 points or 0.08% at 20,685.17.
On BSE, so far 1.59 lakh shares were traded in the counter as against average daily volume of 2.93 lakh shares in the past one quarter.
The stock hit a high of Rs 189.80 and a low of Rs 184.50 so far during the day. The stock had hit a 52-week high of Rs 209.85 on 24 December 2013. The stock had hit a 52-week low of Rs 95.60 on 24 May 2013.
The stock had underperformed the market over the past one month till 21 February 2014, sliding 7.67% compared with Sensex's 2.59% fall. The scrip had, however, outperformed the market in past one quarter, advancing 5.51% as against Sensex's 2.33% rise.
The small-cap company has equity capital of Rs 108.21 crore. Face value per share is Rs 10.
SKS Microfinance (SKS) said that with the latest securitization transaction of Rs 158.27 crore, the total sum of securitizations completed for FY 2014 (YTD) is Rs 1108.29 crore.
SKS said it has downloaded the receivables from micro loans extended to more than 1.80 lakh rural women entrepreneurs to a Special Purpose Vehicle, and Pass Through Certificates (PTCs) have been purchased by a major private sector bank. The entire pool qualifies for priority sector treatment as per RBI's priority sector lending guidelines, the company said in a statement.
Notably, 35% of the pool represents women entrepreneurs from Scheduled Castes and Scheduled Tribes, 11% from minorities, 38% from Backward Castes and the remaining 16% from women belonging to the Other Castes, SKS said. The entire pool comprises receivables from women entrepreneurs belonging to weaker sections, the company said in a statement.
SKS said that the pool is rated AA (SO) by a leading rating agency signifying 'a high degree of safety regarding timely servicing of financial obligations'. Such instruments carry a very low credit risk, the company added.
The pool is structured with geographical diversity as it comprises receivables from 14 non-Andhra Pradesh states, and has been subjected to a seasoning of three months, SKS said in a statement.
SKS Microfinance's net profit galloped 1763.5% to Rs 21.43 crore on 54.8% growth in total income to Rs 139.66 crore in Q3 December 2013 over Q3 December 2012.
SKS Microfinance is a non banking financial company - micro finance institution (NBFC-MFI), registered and regulated by the RBI, whose mission is to provide financial services to low-income households. SKS operates across 15 states of India. They include: Andhra Pradesh, Karnataka, Maharashtra, Odisha, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Haryana, West Bengal, Jharkhand, Chhattisgarh, Kerala and Punjab.
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