Shares of Cholamandalam Investment and Finance Co. advanced the most in over nine weeks as the company's total disbursements and collection efficiency improved in FY23.
Total disbursements by the company increased 65% to Rs 21,020 crore in the fourth quarter of the financial year 2022-2023, according to the company's exchange filing. Overall, collection efficiency on billing stood at 130%, and the company holds a cash balance of Rs 5.22 crore.
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Shares of Cholamandalam Investment rose 4.98% to Rs 821.6 apiece as of 9:39 a.m., compared to a 0.20% decline in the benchmark NSE Nifty 50. The stock gained as much as 5.54% intraday, the most since Feb. 1.
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The total traded volume stood at 18.3 times its 30-day average. The relative strength index was 69.2.
Out of the 36 analysts tracking the company, 29 maintain a 'buy' rating, five recommend a 'hold' and two suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month price target implies an upside of 5.9%.
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