India's Spandana Sphoorty hits 8-week high on NCDs issuance

Spandana Sphoorty Financial

03/11/2022 05:48

** Shares of microfinance company Spandana Sphoorty
Financial Ltd  SPAD.NS  rise as much as 3.1% 635.00 rupees,
their highest since Sept 9 
    ** Co late on Wed said it had approved the issuance of 
senior, secured, rated, listed, redeemable non-convertible
debentures (NCDs) in two series on private placement basis
    ** NCDs worth up to 500 mln rupees ($6.04 mln), co adds 
    ** Stock rises for a fifth consecutive session
    ** More than 16,000 shares traded, 0.5x times their 30-day
moving avg of 37,195
    ** Three analysts covering the stock have "buy" or higher
rating; median PT is 750 rupees - Refinitiv data
    **  Stock up 34% this year, up to last close
    ($1 = 82.8225 Indian rupees)
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))