Spandana Sphoorty Financial rose 1.31% to Rs 698.60 amid value buying after a recent correction.
The stock fell 3.76% in the past two sessions to end at Rs 689.55 yesterday, from its recent closing high of Rs 716.50 recorded on 12 July 2021.
In the past three months, the stock has gained 24.12% while the benchmark Sensex has added 9.04% during the same period.
In an exchange filing made after market hours yesterday, Spandana Sphoorty Financial informed that CRISIL Ratings has assigned its 'CRISIL A/Stable' rating to the long-term bank facility of the company worth Rs 3500 crore.
CRISIL Ratings said that the rating factors in the established market position and long track record of the company in the microfinance sector in India with regional diversity in asset base, sound risk management policies, healthy capitalisation and above-average profitability.
These strengths are partially offset by average resource profile, inherent susceptibility of the microfinance business to socio-political issues and the modest credit risk profiles of borrowers, and low stability in senior management.
Separately, Spandana Sphoorty said that its board will meet on Saturday, 17 July 2021, to consider and approve, the issue and offer of non-convertible debentures on a private placement basis.
Spandana Sphoorty Financial is a non-banking financial company - micro finance institution (NBFC-MFI). The company is primarily engaged in the business of micro finance providing small value unsecured loans to low-income customers in semi-urban and rural areas.
The company reported 40.7% fall in consolidated net profit to Rs 49.27 crore on 9.2% rise in total income to Rs 480.29 crore in Q4 FY21 over Q4 FY20.
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