Cholamandalam Investment and Finance Company share price jumped 8 percent intraday on October 30 after the company declared ist September quarter results.
The company on October 29 reported a 41 percent rise in profit after tax to Rs 432 crore for the September 2020 quarter, on improvement in net income margin and lower operational expenses. The diversified financial services company had posted a profit after tax of Rs 307 crore in the corresponding quarter of the previous financial year.
The company’s asset quality as on September 30, 2020, represented by stage-3 assets, stood at 2.75 percent with a provision coverage of 42.65 percent.
The loan against property (LAP) business dropped marginally to Rs 1,052 crore in the quarter, against Rs 1,064 crore a year ago.
The company continues to hold strong liquidity position with Rs 6,802 crore as cash balance as of the end of September 2020, with a total liquidity position of Rs 9,797 crore (including undrawn sanctioned lines).
The stock was trading at Rs 270.25, up Rs 20.15, or 8.06 percent at 11:06 hours. It has touched an intraday high of Rs 273.90 and an intraday low of Rs 248.60.
The scrip also witnessed spurt in volume by more than 4.52 times and was trading with volumes of 499,037 shares, compared to its five day average of 120,893 shares, an increase of 312.79 percent.
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