Adar Poonawalla has been appointed as its chairman by Magma Fincorp. He holds 60 percent stake in this company. The company has given returns of more than 900% in one year.
What is Poonawalla’s connection with Magma Fincorp?
Magma Fincorp Today, for the third consecutive day, the upper circuit was hit in the stock of K. Today Magma Fincorp stock has stopped trading at Rs 150.05 level. The main reason for the rally of last three days is that there has been a big change in the management of the company. Vaccine king Other Poonawalla has been appointed as the chairman of this company. Along with this, Vijay Deshwal has been appointed as the Chief Executive Officer (CEO) of the company. He is currently the Business Head of ICICI Bank. Apart from this, Abhay Bhatadu has been appointed as the Managing Director of the company.
Serum Institute head Ader Poonawalla bought a controlling stake in Magma Fincorp in February 2021. Poonawalla’s company Rising Sun Holdings had bought 60 per cent stake in Magma Fincorp for Rs 3456 crore. After this deal, the company’s brand has changed to Poonawalla Finance. By the way, if we look at the performance of the company, the company’s total loss in the March quarter was 626 crores, while in March 2020 the company had a loss of 35 crores. The company’s total income was 587 crores in this quarter, while the company’s total income was 617 crores in the March 2020 quarter.
Estimated share to reach Rs 173
Talking about the future outlook of the company, ICICI Securities has estimated its share to reach Rs 173. Despite poor results, this company has made investors rich in the last one year. In the last one week, its stock has given bumper returns of 14 per cent, 27 per cent in one month, 22 per cent in three months and 920 per cent in one year. Promoters hold 24.39 per cent in the company and foreign institutional investors hold 18.87 per cent. Domestic institutional investors hold 29.86 per cent while retail investors hold 26.90 per cent.
The stock has had a great performance in the year 2021
Magma Fincorp has given amazing performance in the year 2021. Despite not having good results, the stock has shown strength. Its share price in the first week of January was Rs 43. Accordingly, in the year 2021, it has shown a growth of 250 percent so far. On February 17, Poonawalla bought a stake in the company. Its share price that week was Rs 117. After that, in three months, this stock has shown a rise of about 30 percent.
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