Why Poonawalla Fincorp's stock is buzzing today—up 6.5% on BSE
While most stocks slipped on Monday, Poonawalla Fincorp's shares shot up 6.59% to ₹440.75 on the BSE.
Trading was buzzing, with about 40 lakh shares changing hands—double the usual volume—showing investors were paying close attention.
Stock surges as co raises ₹1,500 crore via rights issue
The big jump came after Poonawalla Fincorp raised ₹1,500 crore by issuing new shares to promoter Adar Poonawalla's Rising Sun Holdings at ₹452.51 each.
This boosted their net worth to ₹9,700 crore and set them up for over 40% growth in their lending business, especially with fresh offerings like gold loans.
Stock up over 40% this year; 1,600% jump in 5 years
Despite a sharp drop in quarterly profit (down 78.5% year-on-year due to one-off costs), the company grew its core business: net interest income rose 11%, and assets under management jumped 53%.
CEO Arvind Kapil highlighted their "risk-calibrated growth" approach for steady expansion.
The stock is up over 40% this year and an impressive 1,600% over five years—pretty eye-catching numbers for anyone following finance trends.