Shares of Ujjivan Small Finance Bank rallied 8 per cent to hit a 52-week high of Rs 26 in Friday’s trade. This came after Ujjivan SFB reported a healthy business update for the September quarter (Q2FY23).
Ujjivan SFB rallied 8 per cent to Rs 26.40 in the intra-day trade today, surging 21 per cent in the past three trading days, amid heavy volumes. The stock surpassed its previous high of Rs 25.85, which it had touched on September 13, 2022. A combined 10.3 million equity shares had changed hands on the NSE and BSE till 09:42 AM today. The stock has surged nearly 42 per cent in the last six months, while it has increased about 35 per cent year-to-date.
The highest target for the stock goes up to Rs 33, according to Trendlyne data. The average estimate of Rs 26 shows an upside potential of around 7 per cent from current prices. Out of 10 analysts covering the stock, nine have buy and strong buy ratings, while one has a hold rating.
Bank deposits grew 45 per cent year-on-year (YoY) to Rs 20,389 crore, driven by strong momentum in retail deposits, which grew 71 per cent YoY, the company said in a BSE filing.
The collection efficiency was maintained at 99 per cent, with restructured and NPA books showing healthy collections. The bank continues to focus on stressed buckets and reducing incremental overdue, it added.
Ujjivan SFB is a mass market-focused bank in India, catering to financially unserved and underserved segments, and committed to building financial inclusion in the country.
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