This Small Cap NBFC Hit 20% Upper Circuit: Check Details

The shares of small cap NBFC firm have spurted and hit a 20% upper circuit in trade post Budget 2022. The shares have ended at Rs. 404.5 per share.

This Small Cap NBFC Hit 20% Upper Circuit: Check Details

The firm we are talking about is Spandana Sphoorty Financial Ltd. and the stock's upside has been fuelled after the Budget 2022 extended the ECLGS or Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 50,000 crore to a total of Rs 5 lakh crore. The scheme was launched by the centre in 2020 amid the pandemic to provide relief to MSMEs hit the hardest. The scheme as a whole of the centre's larger 20 lakh crore scheme called the Atmanirbhar Bharat Abhiyaan for COVID relief.

Earlier the company has been seeing consecutive fall in price on concerns related to difference in the leadership as well as on acquisition talks with Axis Bank. But now as told to a leading news channel, the talks of the acquisition failed.

Spandana Sphoorty is a NBFC concern headquartered in Hyderabad and means responsiveness.
Spandana Sphoorty Financial Limited ("Spandana" or the "Company") is a public limited company registered with Reserve Bank of India (RBI) as an NBFC-MFI. Spandana's journey began in 1998 and within five years, the company grew to become the largest Micro finance Institution (MFI) in India and 6th largest MFI across globe by 2003. At its peak, Spandana had 1,856 branches with presence across 10 states and a work force of over 13,500 employees.

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