Ugro Capital rose 3.19% to Rs 95.50 after the company said it received Corporate Agency license (Composite) from the Insurance Regulatory and Development Authority of India (IRDA) on 25 September 2020.
Under the said license, the company shall be entitled to tie up with life and general insurance companies to distribute their insurance products in line with various directions/guidelines issued by IRDA.The scrip has surged 28.01% from its 52-week low of Rs 74.60 hit on 24 March 2020. The announcement was made post trading hours on Friday, 25 September 2020.
On a standalone basis, Ugro Capital reported net profit of Rs 3.73 crore in Q1 June 2020 compared with net loss of Rs 1.84 crore in Q1 June 2019. Total income surged 76.5% to Rs 30.79 crore in Q1 June 2020 over Q1 June 2019.
Ugro Capital a non-banking finance company which is engaged in dealing in shares and securities. The firm is also involved in share trading activity, securities trading activities & offering and receiving loans from the company.
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