Madhusudan Kela buys stake in this NBFC, stock rises 20% in early deals

Shares of SG Finserve Ltd hit an upper circuit of 20% in early trade on Tuesday after ace investor  Madhusudan Murlidhar Kela bought 9.51 lakh shares, or a 1.7% stake in the firm. The bulk deal was worth Rs 350.01 per share on BSE on Monday. Meanwhile, Dinesh Pareekh offloaded 3 lakh shares, signaling a 0.53% stake, at Rs 350 per share.

Additionally, the company also said CRISIL Ratings Limited has converted rating for certain bank loan facilities from provisional to final and has reaffirmed the rating for the balance bank loan Facilities. 

It said CRISIL AA (CE)/Positive has been converted from provisional rating to final rating. 

SG Finserve shares rose 20% to Rs 432.65 today against the previous close of Rs 360.55 on BSE. In the previous session, shares of the company closed 6.26% higher at Rs 360.55 per share. The stock has fallen 1.58% in the last 12 months and gained 1.69% on a year-to-date basis. Market cap of the firm rose to Rs 2,352.34 crore on BSE. 

SG Finserve shares have a one-year beta of 1.1, indicating high volatility during the period. 

In terms of technicals, the relative strength index (RSI) of SG Finserve stands at 57.2, signaling it's trading neither in the overbought nor in the oversold zone. SG Finserve shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

SG Finserve is a RBI registered Non- banking Finance Company (NBFC) providing inclusive business financing solutions to channel partners- Dealers, Distributors, Retailers, Buyers, Suppliers, Transporters/ Logistics etc. of Indian Corporates by all-round use of technology.