Shares of this NBFC company jumped around 1 percent in Thursday’s trading session after the company’s board fixed a date for the meeting to raise funds. On a weekly timeframe, the shares were trading above RSI 50.
With a market capitalisation of Rs. 212 crores, the shares of Mangal Credit and Fincorp Ltd started Thursday’s trading on a higher note at Rs. 111.90 compared to its previous close of Rs. 110. The shares hit a high of Rs. 111.90, gaining around 1 percent and are currently trading at Rs. 110.95 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing mentioned that the board of directors meeting is scheduled on Wednesday, 10th January 2024 at the registered office of the company, to consider a proposal for fundraising by way of the issue of equity shares or convertible warrants on a preferential basis, which are subject to the approval of the shareholders of the company.
Coming onto the company’s financial statement, the net interest income(NII) increased by around 53 percent from Rs. 13.03 crores in FY21-22 to Rs. 19.87 crores during FY22-23. In addition, the net profits zoomed by 30 percent from Rs. 6.08 crores to Rs. 7.91 crores during the same timeframe.
According to the annual report published by the company, they have an AUM of Rs. 16,043 lakhs, which comprises MSME Loans of Rs. 109 crores and Gold Loans of Rs. 405 crores. Furthermore, the company is working with Nelito (a subsidiary of DTS Company Japan) to implement LOS and LMS Fincraft systems fully customized to MCFL’s requirements.
Moreover, the company is also dealing with various digital or technology vendors like Digio, Cibil, Surepass, Iris, NSDL, Razorpay, etc. to extract information from sources and head towards digital SME underwriting.
Headquartered in Mumbai, Mangal Credit and Fincorp Ltd was incorporated in 1981. The company is registered as a Non-Systematically Important Non-deposit-taking NBFC. It has 6 branches in Maharashtra, 2 branches in Gujarat with 1 in Surat and 1 in Rajkot.
Written By Vaibhav Patil
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