In Thursday’s trading session, the shares of a leading fintech company surged by 7.6 percent to Rs. 217.3 on NSE, after the company’s Board approved the proposal of entering into certain new businesses including solar panels and battery segments.
At 02:22 p.m., the shares of MOS Utility Limited were trading in the green at Rs. 212, up by nearly 5 percent, compared to its previous closing price of Rs. 202, with a market cap of Rs. 526.8 crores.
What’s the News:
According to the latest regulatory filings with the NSE, the Board of MOS Utility in its meeting held on the 1st August approved the alteration of the object clause of the Memorandum of Association (MoA) of the company.
While MOS Utility currently operates in fintech, travel, insurance, utility & other services, the Board has approved the addition of a new clause in the MoA to expand the company’s business scope.
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This new clause authorizes MOS Utility to engage in all connected businesses related to solar.
It allows the company to manufacture, assemble, purchase, import, export, and deal with various solar-related products in India or abroad, including solar PV modules, cells, batteries, energy storage devices, conversion and generation devices, appliances, gadgets, equipment, and products, including power packs, power supplies, generators, solar panels, chargers, and sub-assemblies, components, and parts.
Previous News:
On 10th July, MOS Logconnect Private Limited, the subsidiary of MOS Utility Limited, received the Master Franchisee License from India Post.
Through the India Post franchise module, the company will expand its service offerings to encompass a comprehensive range of postal services across India.
This partnership will also enable the company to leverage India Post’s extensive network and resources, ensuring seamless and efficient service delivery.
Financials:
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of 65 percent from Rs. 106 crores in FY22-23 to Rs. 175 crore in FY23-24.
Similarly, its net profit increased during the same period from Rs. 6 crore to Rs. 10 crore, indicating a growth of around 67 percent YoY.
About the company:
Incorporated in 2009, MOS Utility Limited, one of the leading fintech companies, is engaged in providing different types of Fintech and Utility Payment Solutions services to businesses and individuals.
The business of the company spans seven segments: banking, travel, insurance, utility services, entertainment, franchise, and other services.
Written by Shivani Singh
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