Ujjivan Financial stock hits 52-wk high; doubles in 6 months – Fortune India

Shares of Ujjivan Financial Services (UFSL) rallied over 10% to hit a fresh 52-week high on Wednesday, in an otherwise lackluster broader market, amid heavy volume. The stock has doubled investors’ money in the last six months, rising from its 52-week low of ₹96.10 on February 24, 2022, to ₹202.35 in intraday today. The stock breached its previous high of ₹191.80, touched on November 1, 2021, while it touched an all-time high of ₹547 on July 28, 2016.
On Wednesday, Ujjivan Financial’s share price opened a tad higher for the second straight session at ₹183.95, against the previous closing price of ₹183.80 on the BSE. During the session so far, the stock of the non-banking finance company (NBFC) gained as much as 10.09% to touch a record high of ₹202.35 as trading volumes surged more than four times as compared to its two-week average trading volumes. A total of 2.24 lakh equity shares changed hands on the BSE till the time of reporting, as compared to the two-week average volume of 0.56 lakh stocks. The market capitalisation of the smallcap stock increased to ₹2,448.16 crore. In comparison, the BSE Sensex was trading flat at 59,028 levels, tracking weak cues from global peers.
Shares of Ujjivan Financial have given a return of 28% in the last one year. The stock has risen more than 52% in the calendar year 2022. The counter has delivered a stellar return of 29% in the past one month and over 9% in a week.
Technically, the stock turned ‘bullish’ from ‘mildly bullish’ on August 22, 2022, at ₹175.15, as per Markets Mojo, a share market research platform. Currently, the stock trades in bullish range, higher than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.
The stock has gained momentum in the last one month after the NBFC reported robust earnings in the June quarter of the current financial year 2022-23 (Q1 FY23).
For the April-June quarter of 2022, Ujjivan Financial Services posted a net profit of ₹246.13 crore, as a loss of ₹82.69 crore in the year-ago period and a profit of ₹98.95 crores for the quarter ended March 31, 2022 (Q4 FY22). The total income increased to ₹1,056.68 crores during Q1 FY23, as compared to ₹736.08 crore in the corresponding period last year and ₹891.73 crores during the period ended March 31, 2022.
Headquartered in Bangalore, Ujjivan Financial Services is a NBFC that focuses on providing financial services to economically backward women in urban and semi-urban areas. In 2015, Ujjivan received an in-principle approval from the RBI to set up a small finance bank and floated its wholly owned subsidiary ‘Ujjivan Small Finance Bank Limited’, which commenced its operations on February 1, 2017.
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SpiceJet shares have fallen 9% in two sessions after the DGCA extended restrictions on the airline and ordered it to operate 50% of its departure until October 29, 2022.
The Sensex and Nifty are poised to open sharply lower on Thursday, in line with global equities as the U.S. Fed continued its hawkish policy stance to fight inflation.
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