PTC India Financial shares jump 3% after SBI clears Rs 300-crore loan
The money will be used to strengthen cash flow and for onward funding of sustainable infrastructure finance projects, the company said.
July 03, 2020 / 10:07 AM IST
PTC India Financial Services share price jumped 3 percent intraday on July 3 after State Bank of India sanctioned a term loan-WC augmentation (TLWC) of Rs 300 crore.
The stock, which has surged more than 69 percent in the last three months, was trading at Rs 13.65, up Rs 0.45, or 3.41 percent at 0936 hours. It has touched an intraday high of Rs 13.84 and an intraday low of Rs 13.52.
SBI sanctioned TLWC of Rs 300 crore with a door-to-door tenor of three years, including a moratorium of six months, with sublimit of Rs 300 crore as investment limit for investment in CPs/NCDs/Bonds within the overall TLWC limit, the company said in an exchange filing.
The money would be used to strengthen the cash flow of the company and for onward funding to sustainable infrastructure finance projects, it said. "SBI has already given credit lines of Rs, 1,400 crore (current outstanding of around Rs.999.74 crore) to us and now with current sanction their exposure will increase to Rs. 1,700 crore and it will further diversify our sources of borrowings. PFS proposes to have further alternate sources of financing like ECB, commercial paper, bonds, etc. for which advance progress has already been made," the company said.
According to Moneycontrol SWOT Analysis powered by Trendlyne, PTC India Financial Services has zero promoter pledge with the stock showing strong momentum - price above short, medium and long term moving averages.
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