Buzzing stock: Magma ITL Finance becomes wholly-owned subsidiary of Magma Fincorp
DSIJ Intelligence / 29 Aug 2017
Magma Fincorp Ltd. has acquired 26 per cent equity shares of Magma ITL Finance Ltd. (MITL) from International Tractors Ltd. (ITL), one of the existing shareholder of MITL.
Magma Fincorp Ltd. has acquired 26 per cent equity shares of Magma ITL Finance Ltd. (MITL) from International Tractors Ltd. (ITL), one of the existing shareholder of MITL. Post this acquisition, MITL has become the wholly-owned subsidiary of the company.
The company had shown strong revival in Q1FY18 with operating profit margin and net profit margin of 54.43 per cent and 8.31 per cent, respectively, on QoQ basis. In the March quarter of FY17, the company incurred losses of Rs 102.9 crore.
The scrip had closed at Rs 175 on Monday. Today it opened at Rs 178 and touched intra-day high of Rs 181.55, showing an upside of 3.7 per cent.
Magma Fincorp Ltd. is a non-banking finance company engaged in the business of asset financing, including activities of financing for tractors, commercial vehicles, construction equipments, cars and used vehicles, as well as mortgage loans to micro, small and medium enterprises (MSMEs).
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