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Poonawalla Fincorp trades higher on the BSE Poonawalla Fincorp is currently trading at Rs. 281.95, up by 3.20 points or 1.15% from its previous closing of Rs. 278.75 on the BSE. The scrip opened at Rs. 278.05 and has touched a high and low of Rs. 283.50 and Rs. 275.00 respectively. So far 43194 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 343.75 on 13-Apr-2022 and a 52 week low of Rs. 209.15 on 20-Jun-2022. Last one week high and low of the scrip stood...
Poonawalla Fincorp trades higher on the BSE
Poonawalla Fincorp trades higher on the BSE
Source: Accord Fintech
16/03/2023 2:44:11 PM
Proposed divestment of stake in Magma HDI General Insurance Mumbai : Poonawalla Fincorp Limited (“PFL”) is a joint venture partner in Magma HDI General Insurance Limited (“Magma HDI”), a general insurance company registered with Insurance Regulatory and Development Authority of India (IRDAI). The other joint venture partners of Magma HDI include Celica Developers, Jaguar Advisory and HDI Global SE. IRDAI “Registration of Insurance Companies Regulations” stipulate that a promoter of an insurance company canno...
Proposed divestment of stake in Magma HDI General Insurance
Proposed divestment of stake in Magma HDI General Insurance
Source: PR Agency
3/11/2021 12:11:31 PM
Buy Magma Fincorp Ltd For Target Rs. 173 - ICICI Securities Stress provisioning upfronted; new management’s vision 2025 unveiled Magma Fincorp (Magma), in the quarter of transitioning to new promoter and management, reported consolidated loss of Rs6.5bn despite steady operating profit of Rs1.9bn. The stance reflects prudent provisioning by the new management as it has accelerated write-offs of Rs2.74bn and created covid 2.0 contingency buffer of Rs6.2bn. ECL provisioning stands at 9.5% of AUM with net stage-3 at a mere 1.2% reflecting upfront...
Buy Magma Fincorp Ltd For Target Rs. 173 - ICICI Securities
Buy Magma Fincorp Ltd For Target Rs. 173 - ICICI Securities
Source: ICICI Securities
2/07/2021 11:06:14 AM
Update On Magma Fincorp By HDFC Securities Our take Magma Fincorp’s (MFL) ownership and management has undergone a change after the Poonawalla group bought a 60% stake in the company. It is now a subsidiary of Rising Sun Holdings Pvt Ltd (owned and controlled by Mr Adar Poonawalla), subsequent to raising of equity funds of Rs 3,456cr on 06 May 2021. Since then, it has realigned strategy to exit stressed businesses like used CV/CE and tractor loans and is entering product lines like professional loans, consumer durable loans, ...
Update On Magma Fincorp By HDFC Securities
Update On Magma Fincorp By HDFC Securities
Source: HDFC Securities Ltd
24/06/2021 2:06:24 PM
Buy Magma Fincorp Ltd For Target Rs.175 - Emkay Global On solid path of profitable growth; resuming coverage with Buy * Magma Fincorp reported a loss of Rs6.5bn in Q4 after taking a one-time write-off of Rs2.7bn and management overlay provision of Rs6.2bn (factoring in the second Covid wave). The company introduced 100% provisions and wrote off all accounts in the 90+ DPD in SME lending, 180+ DPD in Vehicle Finance and 730+ DPD bucket in Housing. * In our view, after recent fund infusion and current quarter clean-up, Magma is well-placed on...
Buy Magma Fincorp Ltd For Target Rs.175 - Emkay Global
Buy Magma Fincorp Ltd For Target Rs.175 - Emkay Global
Source: Emkay Global
8/06/2021 12:36:23 PM
Adar Poonawalla appointed chairman of Magma Fincorp Adar Poonawalla has been appointed as an Additional Director in the capacity of Non-Executive Director and designated as the Chairman of Magma Fincorp w.e.f. Tuesday, subject to the approval of the shareholders. The company has set a target to be among the top 3 NBFCs for consumer and small/medium business finance. Poonawalla is also the CEO of the Serum Institute of India, the makers of the Covishield vaccine. Magma Fincorp is now a subsidiary of Rising Sun Holdings Private Limited (ow...
Adar Poonawalla appointed chairman of Magma Fincorp
Adar Poonawalla appointed chairman of Magma Fincorp
Source: IANS
2/06/2021 8:48:42 AM
Buy Magma Fincorp Ltd For Target Rs.125 - ICICI Securities Change in controlling stake, promoter and management – a welcome move Magma Fincorp’s (Magma) proposal for change in controlling stake, new promoter and stronger management to Rising Sun Holdings (controlled by Mr. Adar Poonawalla) bodes well for an otherwise niche franchise that has been in transition for several years. Business reorganisation and consolidation phases have depressed the stock’s valuation for long. We expect the new promoter group and management to lever...
Buy Magma Fincorp Ltd For Target Rs.125 - ICICI Securities
Buy Magma Fincorp Ltd For Target Rs.125 - ICICI Securities
Source: ICICI Securities Ltd
16/03/2021 11:25:45 AM
Buy Magma Fincorp Ltd For Target Rs.95 - ICICI Securities Strategic reorientation yielding results; value unlocking to drive rerating Magma Fincorp’s (Magma) Q3FY21 earnings were a mixed bag as rise in vulnerable pool (stage-2 plus stage-3) and higher credit cost (>500bps) were offset by stringent cost controls and better NIMs (due to focus on high-yielding products). MoM improvement in collection efficiency (97% in Jan’21) and overall provisioning buffer of 5.3% suggest that stress should peak out soon. Strategically, Magma has...
Buy Magma Fincorp Ltd For Target Rs.95 - ICICI Securities
Buy Magma Fincorp Ltd For Target Rs.95 - ICICI Securities
Source: ICICI Securities Ltd
3/03/2021 11:39:04 AM
Update On Magma Fincorp Ltd By Emkay Global Change in control: Adar Poonawalla buys in * Sale of controlling stake in Magma Fincorp by promoters through preferential issue: After attempting to revamp the business model for a couple of times in past few years, Magma Fincorp has finally signed a deal with Rising Sun Holdings, controlled by Adar Poonawalla, for a preferential issue of equity shares. The transaction will result in Rising Sun Holdings acquiring a controlling stake in Magma. This will also trigger an open offer (~26% of e...
Update On Magma Fincorp Ltd By Emkay Global
Update On Magma Fincorp Ltd By Emkay Global
Source: Emkay Global Financial Services Ltd
20/02/2021 10:47:22 AM
Magma Fincorp Ltd : Change in control - Adar Poonawalla Buys in By Emkay Global Change in control: Adar Poonawalla buys in * Sale of controlling stake in Magma Fincorp by promoters through preferential issue: After attempting to revamp the business model for a couple of times in past few years, Magma Fincorp has finally signed a deal with Rising Sun Holdings, controlled by Adar Poonawalla, for a preferential issue of equity shares. The transaction will result in Rising Sun Holdings acquiring a controlling stake in Magma. This will also trigger an open offer (~26% of ...
Magma Fincorp Ltd : Change in control - Adar Poonawalla Buys in By Emkay Global
Magma Fincorp Ltd : Change in control - Adar Poonawalla Buys in By Emkay Global
Source: Emkay Global Financial Services Ltd
11/02/2021 2:03:26 PM
Magma Fincorp to raise up to Rs 3K cr via debt securities in FY22 Magma Fincorp will raise up to Rs 3,000 crore through debt securities in the next financial year FY21-22 through debt securities. In a regulatory filing, the non-banking financial company has said that its Board of Directors has approved the issuance of debt securities in the nature of non- convertible debt securities -- secured, unsecured, subordinated debentures and so on. The issuance of securities of up to Rs 3,000 crore will be done in one or more series or tranches through private...
Magma Fincorp to raise up to Rs 3K cr via debt securities in FY22
Magma Fincorp to raise up to Rs 3K cr via debt securities in FY22
Source: IANS
7/02/2021 12:18:23 PM