India's Spandana Sphoorty up after strong forecast

Spandana Sphoorty Financial

12/12/2023 07:08

** Shares of Spandana Sphoorty Financial  SPAD.NS  rise as
much as 5.95% to 1,078 rupees apiece, highest since March 5,
2020
    ** Trading volume is 630,135 shares as of 12:27 p.m. IST,
2.6 times the 30-day avg - LSEG data
    ** Rural population-focused NBFC's forecast of 280 billion
rupees in assets under management (AUM) by fiscal 2028 is
"realistic" and will be driven by new customer acquisitions and
lower ticket sizes, says Motilal Oswal
    ** SPAD has forecast AUM of 120 bln rupees in fiscal 2024
    ** Reiterates "buy" with a target price of 1,200 rupees per
share, after a meeting with management
    ** Motilal Oswal says SPAD is poised for re-rating if it
achieves its AUM guidance
    ** SPAD shares up 78% in 2023 so far, including today's
gains

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))