Penny stock jumps 9.5% after management sets optimistic growth plans for FY’24

This penny stock rose 9.5% within the first half hour of markets opening on Friday after management set high growth prospects for this fiscal year. The volumes were driven up to 3x the monthly average and yesterday’s volumes.

The stock currently trades at Rs. 23.51 versus Rs. 23.06 at yesterday’s closing with a market cap of Rs. 31 crore. Price currently is 24% away from 52 week high, 14% and 20% away from it’s 20 day and 200 day moving averages respectively. 

Supra Pacific Financial Services Ltd (“Supra”) stated in a filing dated 14th September 2023 it’s the current business position and future business. The filing also stated their intent to conduct press meetings in the next few days, detailing the current business position and future business plans. 

Firstly, Supra proposed expansion of its branch network across the country and build the brand as a systemically important entity in two years down the line. The company currently has 15 branches in Mumbai – Maharashtra, 10 branches in Karnataka and 10 branches in 10 districts of Kerala. The company intends to open 40 more branches in the state of Kerala in this FY and it is projected to have a total of more than 80 branches by the end of this FY, across the country. 

Next, the company anticipates an increase in AUM to the tune of Rs. 500 crore by FY 2025-26. Currently the AUM is Rs 85 crore of which includes Rs 55 crore Gold Loans, Rs 23 Cr Auto Loans. Also, Supra aims a Rs. 200 crore net worth by FY26 from the current Rs. 20 crore. 

Supra Pacific Financial Services Limited operates as a non-banking finance company in India. The Board of Directors at Supra constitute persons with vast experience in NBFC, Senior level Bankers and experienced company secretaries.

Currently the company has a good portfolio of gold loans, Auto Loans, Micro Finance and Trade advances. Management proposes to start off balance sheet lending jointly with reputed NBFCs/banks in the country. 

Written by Sandeep R

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