Shares of Ujjivan Financial Services (UFSL) rose 9% on BSE in Wednesday’s intraday session on strong volume, hitting a 52-week high of Rs 200.65. Shares of the non-banking finance company (NBFC) surpassed the previous record high of Rs. 10:54 a.m.
Compared to their two-week average trading volume, the counter’s trading volume has significantly doubled. On the NSE and BSE, 2.3 million shares were traded in total. With an 83.32% stake, UFSL is a key holding company for Ujjivan Small Finance Bank Limited (Ujjivan SFB). UFSL launched its wholly owned subsidiary, which started operating as a bank on February 1, 2017, to comply with the banking license requirement. In India, Ujjivan SFB is a mass market focused bank committed to promoting financial inclusion and serving underserved and unserved market segments.
During the last quarter of FY21-22 and the first quarter of FY22-23, Ujjivan SFB experienced a remarkable turnaround due to the slow but steady recovery of the economy. As loan demand has returned to normal, management is optimistic about the Bank’s future. In its annual report for FY22, UFSL said, “We are confident that the momentum created over the past six months will continue in the current fiscal year and into the years to come, enabling our bank to reach new heights in terms of growth, scale, deposit mobilization and profitability.”
Shares of Ujjivan SFB were trading up 4% at Rs21.35 on BSE at the same time. On October 19, 2021, it reached a 52-week high of 23.75 rupees, and on December 12, 2019, it reached an all-time high of 63 rupees.