Shares of IIFL Finance hit upper circuit limit of 10 per cent at Rs 222.50, also its 52-week high, on the BSE on Tuesday
IIFL Finance shares surged 82% in 8 days
IIFL Finance share has delivered strong returns for its investors in the last few days. The non-banking finance company (NBFC) stock has risen 82 per cent in the last eight sessions after it reported strong earnings for December quarter of 2020. IIFL Finance share price has rallied 283 per cent in the last 8 months from its 52-week low of Rs 58.15, touched on May 3, 2020, to Rs 222.50 on February 9 this year.
On Tuesday, shares of IIFL Finance opened at Rs 205 against previous closing price of Rs 202.30. Extending early morning gains, the stock hit upper circuit limit of 10 per cent at Rs 222.50, also its 52-week high, on the BSE. The market cap of company surged to Rs 8,420.95 crore. In contrast, the BSE benchmark Sensex ended 19.69 points, or 0.04 per cent, lower at 51,329.08.
On the volume front, there was surge in buying as 3.99 lakh shares changed hands over the counter as compared to two-week average volume of 3.90 lakh shares on the BSE.
For October-December quarter of 2020, IIFL Finance reported a 47 per cent rise in its consolidated net profit to Rs 268 crore as compared to Rs 182.5 crore in the corresponding quarter last year. It reported an income of Rs 919 crore in Q3 FY21, a jump of 58 per cent year-on-year.
The company’s loan book grew by 17 per cent to Rs 42,264 core, while total comprehensive income grew 24 per cent to Rs 231.3 crore.
On the asset front, its gross non-performing assets (NPAs) stood at 1.61 per cent and net NPAs were at 0.77 per cent, while its provision coverage for bad loans stood at 170 pder cent.