Shares of Satin Creditcare Network Ltd. hit a four-year high on Thursday before its board meets next week to consider raising funds.
The microfinance institution's board will consider on Nov. 20 the proposal of raising funds through the issuance of listed/unlisted, secured/unsecured, and non-convertible debentures on a private placement basis, according to an exchange filing on Wednesday.
Satin Creditcare's stock rose as much as 5.26% during the day on the NSE to Rs 274.40 apiece, the highest since Oct. 9, 2019. It pared gains to trade 3.18% higher at Rs 269 apiece, compared to a 0.1% advance in the benchmark Nifty 50 as of 9:52 a.m.
The shares have risen 71.49% on a year-to-date basis. The total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 67.3.
The lone analyst tracking Satin Creditcare maintains a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 21.1%.
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