Mufin Green shares extend gains ahead of Q2 results; stock up 200% in 2023 so far

Shares of Mufin Green Finance Ltd continued to rally and hit upper circuit for a second straight session on Tuesday. The multibagger stock from Dalal Street has been rallying high lately on the back of strong volumes and fund-raising plans.

The board of directors of Mufin Green Finance is scheduled to be held on Thursday, November 09, to consider and approve the unaudited standalone and consolidated financial results of the company for quarter ended September 30, 2023, said the company in exchange filing.

Shares of Mufin Green Finance jumped 5 per cent at Rs 111.76 on Tuesday, its new record high, commanding a total market capitalization of close to Rs 1,700 crore. The stock was locked in the upper circuit limit for the second straight session. The scrip had settled at Rs 106.44 in the previous trading session on Monday.

Mufin Green shares have surged about 30 per cent in the last one month, while the stock has rallied 180 per cent in the last six months. The stock has delivered a return of about 200 per cent in the year 2023 so far. The stock is up about 250 per cent from its 52-week low hit in late November 2022.

The Reserve Bank of India (RBI) had recently approved Mufin Green Finance to operate as an issuer of pre-paid instruments (PPI), allowing it to launch the 'super app' for comprehensive financial services. The upcoming PPI product will be issued as licenced prepaid wallets under the brand name 'Mufinpay' which will be capable of various financial services.

New-Delhi based Mufin Green Finance provides financing solutions for the EV ecosystem of the country by providing loans for income generation through electric vehicles, electric charging infrastructure, and swappable batteries. It has disbursed more than Rs 350 crore so far towards electric vehicles.

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