Satin Creditcare Network sizzles owing to Morgan Stanley stake purchase
DSIJ Intelligence / 10 Jun 2016
Morgan Stanley Asia (Singapore) PTE on Friday bought two per cent stake in Satin Creditcare Network from open market pushing the stock higher by almost 13.50 per cent at Rs. 427 per share.
Morgan Stanley Asia (Singapore) PTE on Friday bought two per cent stake in Satin Creditcare Network from open market pushing the stock higher by almost 13.50 per cent at Rs. 427 per share.
According to NSE data, Morgan Stanley Asia bought 830,334 shares of Satin Creditcare Network on June 9, at an average price of Rs. 375 per share. Satin Creditcare Network, North India's largest and India's 5th largest micro-finance institutions (MFI) has presence across 16 states with 431 branches as of March'16.
The company is expected to grow by 60 per cent in terms of loans and by 75 per cent in terms of profits as per the MD of the company H.P. Singh. Over a 1 year period the stock has given 22 per cent returns outperforming the broader markets. The 52 w low for the stock is 10 and the 52 w high for the stock is at 488.
Broader market traded choppy on Friday with Sensex closing at 26635 down by 127 points
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