Shares of Ugro Capital Ltd. hit a record high on Wednesday as its first-quarter profit jumped more than threefold.
The small-business-lending fintech platform's net profit increased to Rs 25.2 crore in the quarter ended June from Rs 7.3 crore in the same quarter a year ago, according to an exchange filing on Tuesday.
Ugro Capital's assets under management surged 85% to Rs 6,777 crore, while net income jumped 82% to Rs 125.6 crore. The gross non-performing assets and net NPA were 1.8% and 1%, respectively.
Ugro Capital's shares rose as much as 3.50% intraday to hit an all-time high of Rs 288.7. The stock pared gains to trade 2.15% lower at Rs 272.95 apiece as of 10:45 a.m., compared to a 0.79% decline in the benchmark NSE Nifty 50.
The total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 68.5, implying that the stock may be overbought.
Of the three analysts tracking Ugro Capital, two maintain a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The average of 12-month price targets given by analysts implies a potential upside of 0.1%.
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