India's Spandana Sphoorty rises after board approves sale of stressed loans

Spandana Sphoorty Financial

24/09/2024 07:21

** Shares of Spandana Sphoorty Financial Ltd  SPAD.NS  rise
as much as 3.8% to 614.95 rupees
    ** Non-banking financial company says, its board approved
sale of stressed loan portfolio, including written-off loans,
valued at 3.04 bln rupees ($36.4 mln) as of June 30
    ** Adds, sale was to an asset reconstruction co via open
bidding process for 167.4 mln rupees
    ** More than 239,000 shares traded as of 11:46 a.m. IST,
adding to the over 2.7 mln shares traded so far this month
    ** Avg rating of 7 brokerages is 'strong buy'; their median
PT is 900 rupees - LSEG data
    ** SPAD last up 1.3%; down ~47% YTD


($1 = 83.6075 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))