SKS Microfinance is currently trading at Rs. 89.70, up by 1.00 points or 1.13% from its previous closing of Rs. 88.70 on the BSE.
The scrip opened at Rs. 90.00 and has touched a high and low of Rs. 92.80 and Rs. 88.80 respectively. So far 69024 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 608.65 on 13-Jul-2011 and a 52 week low of Rs. 75.85 on 08-May-2012.
Last one week high and low of the scrip stood at Rs. 100.00 and Rs. 75.85 respectively. The current market cap of the company is Rs. 661.20 crore.
The promoters holding in the company stood at 36.84% while Institutions and Non-Institutions held 20.56% and 42.61% respectively.
India’s largest micro-lender SKS Microfinance will move its headquarters from Hyderabad to Mumbai on account of stifling rules and a hostile business environment in Andhra Pradesh (AP). The company’s board has too cleared the decision to move the registered office to Mumbai. The decision sends firm indication to the Andhra Pradesh government that has come down heavily on microfinance institutions (MFIs), including SKS, following the passage of a new law.
The AP Government’s rules comes at a time SKS Microfinance, the only listed microfinance institutions, is positioning itself as a national company with a growing presence in other states. The company has reduced its Andhra Pradesh exposure and its future receivables from the state are zero.
The company's exposure to borrowers in Andhra Pradesh has shrunk considerably, having written off Rs 1,491crore loans in the past six quarters. Its loan outstanding in Andhra is down to Rs 236 crore.
However, the company will carry on running 180 branches in the state, and has hired an external agency to recover loans. The company, which came under the glare of the media and the government after its stunning IPO in 2010, has possibly sensed the risk of concentrating business in one state.
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