India's Spandana Sphoorty hits upper circuit on approval of stressed assets sale

Spandana Sphoorty Financial

29/12/2022 04:52

** Shares of Spandana Sphoorty Ltd  SPAD.NS  rise as much as
 5% to hit their upper circuit of 576.35 rupees    
    ** SPAD on Wednesday said it would sell its stressed loan
portfolio, including written off loans aggregating to 3.23
billion rupees to an asset reconstruction company for 950
million rupees ($11.48 million)
    ** Microfinance firm's shares mark their biggest jump since
Dec. 12
    ** Around 43,000 shares change hands by 10:16 a.m. IST, 0.8x
their 30-day avg volume
    ** Stock up 25.1% so far this year at current levels, on
track to log gains for the first year since listing in 2019
($1 = 82.7800 Indian rupees)
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))