Shares of UY Fincorp, a non-banking financial company (NBFC), saw a significant increase on Tuesday.
The stock rose by more than 17%, reaching an intraday high of ₹35.74.
This surge is largely due to the upcoming listing of UY Fincorp’s shares on the National Stock Exchange (NSE) on October 3.
Currently, these shares are only traded on the Bombay Stock Exchange (BSE).
Key Details About the Stock
UY Fincorp’s stock closed at ₹30.50 on Monday, indicating a 17.1% increase today. With this rise, the company’s market capitalization reached ₹659.56 crore.
The NSE listing was confirmed after the company received a letter from the exchange on September 30, 2024.
A total of 19,02,38,329 fully paid equity shares, each valued at ₹5, will be available for trading on the NSE.
This listing marks a significant step in UY Fincorp’s growth in India’s financial sector.
Financial Performance
UY Fincorp reported impressive financial results, with its annual revenue increasing by 245.06% to ₹197 crore in the last fiscal year.
The company’s quarterly revenue for Q1 FY25 also showed a strong 71.87% year-on-year growth, totaling ₹36 crore.
Additionally, the company’s net profit surged by 738.2% to ₹64.92 crore in FY24. Notably, UY Fincorp is a debt-free company.
Expansion Plans
According to an official announcement, UY Fincorp is expanding its services by launching its loan brand, GrowU, initially in Lucknow and Kanpur.
The company plans to further expand into areas such as Prayagraj and Varanasi, focusing on digitizing small-ticket loans.
