SKS
Micro finance rose 0.82% to Rs 177.80 at 11:30 IST on BSE after the company said
it has completed its third substantial micro finance securitization transaction
of Rs 215 crore during current financial year.
The
announcement was made before market hours today, 19 December 2013.
Meanwhile,
the S&P BSE Sensex was down 157.41 points or 0.75% at 20,702.45.
On
BSE, so far 81,000 shares were traded in the counter as against average daily
volume of 2.63 lakh shares in the past one quarter.
The
stock was volatile. The stock rose as much as 2.66% at the day's high of Rs
181.05 so far during the day. The stock lost as much as 0.65% at the day's low
of Rs 175.20 so far during the day. The stock had hit a 52-week high of Rs
190.40 on 9 January 2013. The stock had hit a 52-week low of Rs 95.60 on 24 May
2013.
The
stock had underperformed the market over the past one month till 18 December
2013, declining 3.74% compared with the Sensex's 0.04% rise. The scrip had,
however, outperformed the market in past one quarter, jumping 31.95% as against
Sensex's 4.5% rise.
The
small-cap company has equity capital of Rs 108.21 crore. Face value per share
is Rs 10.
Commenting
on the development, S. Dilli Raj, Chief Financial Officer, SKS Microfinance
said, "With this, the total sum of securitizations completed for FY 2014
(YTD) is Rs 616.81 crore. This transaction is priced at a good 200 basis points
lower than our cost of borrowing for the previous quarter".
SKS
Microfinance said it has downloaded the receivables from micro loans extended
to more than 2,50,000 rural women entrepreneurs to a Special Purpose Vehicle,
and Pass Through Certificates (PTCs) have been purchased by a major private
sector bank. The entire pool qualifies for priority sector treatment as per
RBI's priority sector lending guidelines, it added.
The
pool is rated A + (SO) by a leading rating agency signifying 'adequate degree
of safety regarding timely servicing of financial obligation'. Such instruments
carry low credit risk, the company said in a statement. The pool is structured
with geographical diversity as it comprises receivables from 14 non-Andhra
Pradesh states and has been subjected to a seasoning of three months, it added.
SKS
Microfinance reported net profit of Rs 16.34 crore in Q2 September 2013 as
against net loss of Rs 262.16 crore in Q2 September 2012. Total income rose 67%
to Rs 135.19 crore in Q2 September 2013 over Q2 September 2012.
SKS
Microfinance is a non banking financial company – micro finance institution
(NBFC-MFI), registered and regulated by the RBI, whose mission is to provide
financial services to low-income households. SKS operates across 15 states of
India. They include: Andhra Pradesh, Karnataka, Maharashtra, Odisha, Madhya
Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Haryana, West Bengal,
Jharkhand, Chhattisgarh, Kerala and Punjab.
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