India's Ugro Capital could see 49% share gains in a year - brokerage

Ugro Capital

14/12/2023 09:45

** Shares of Ugro Capital  UGRO.NS  rise as much as 3.79% to
275.20 rupees
    ** Brokerage Centrum Institutional Research says it expects
49% upside for non-bank lender in next 12 months
    ** Centrum initiates coverage on UGRO with a "buy"; target
price set at 395 rupees
    ** Sees large total addressable market (TAM) in MSME
lending, steady growth in assets under management (AUM) and
profitability as key positive factors for UGRO
    ** Estimates an EPS compound average growth rate (CAGR) of
67% over fiscal 2024-2026
    ** Expects UGRO to triple AUM to 193.5 bln rupees  ($2.32
bln) by fiscal 2026
    ** Trading volume is 362,122 shares as of 2:55 p.m. IST,
1.5x the 30-day avg - LSEG data
    ** Including today's gains, UGRO shares up 80% YTD


($1 = 83.3309 Indian rupees)

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