Trending Mid Cap Stocks: Magma Fincorp expects good performance in FY18
DSIJ Intelligence / 13 Jul 2017
Magma Fincorp share price surged today at a level of Rs 176.5 which is its new 52-week high price record. Its previous close was at Rs 168.85, i.e. hike of 4.5% in price has been witnessed so far.
Magma Fincorp share price surged today at a level of Rs 176.5 which is its new 52-week high price record. Its previous close was at Rs 168.85, i.e. hike of 4.5% in price has been witnessed so far.
The management is positive about its performance for FY18. It plans to make loan disbursals of Rs 6000 crore in FY18 as against Rs 4700 crore in FY17. This net 25% growth in disbursals would be viable on account of positive GST impact and expected good monsoons.
In FY17, the company had recorded NPAs of 6.7% versus 8.1% in FY16. The CEO of the company stated that improvement in NPAs is expected in FY18, as the company would try to minimise its exposure to tractor portfolio and spread it over other different portfolios.
To be on the healthy growth track, company is shifting its focus towards commercial vehicles loan segment.
Magma Fincorp is a finance company which offers loans for construction equipment, vehicles, cars, homes etc. It currently operates through 300 branches across India and plans to open 30 more branches in the upcoming year.
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