India: SKS Microfinance Stock Zooms 10%

Jul 2011
Mumbai, India, July, 15 2011 - Continuing its volatile journey this week, micro-finance leader SKS Microfinance stock today jumped by 10 per cent on bourses and hit the upper circuit limit. Interestingly, it had nosedived 10 per cent and hit its lowest trading limit yesterday.

The company stock today zoomed to its higher trading limit, rising 10 per cent to Rs 523.60 a share on the BSE. On the NSE,too, the stock jumped to the day's highest permissible limit of 10 per cent to Rs 524.10 a share.

In terms of volume, over 44 lakh shares of the company changed hands on the bourses during the day.

The company shares have seen see-saw trade activity since Monday in the wake of the government unveiling a draft Bill to tighten regulation of the micro-finance sector.

The draft Bill after its passage in the Parliament, will allow the RBI to regulate small loan lenders, effectively removing the stringent Andhra Pradesh Ordinance, which has been hemming in their profits in a state that accounts for a large portion of the industry operations.

Meanwhile, both the benchmark indices, the Sensex and the Nifty ended the day with losses. The BSE Sensex settled at 18,561.92, down 56.28 points and the NSE's Nifty closed at 5,581.10, down 18.70 points.


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