Moneycontrol News
Satin Creditcare Network shares surged 16 percent intraday Tuesday on getting license to start housing finance business.
The microfinance institution has informed exchanges that the National Housing Bank has granted 'certificate of registration (under section 29 of the National Housing Bank Act, 1987) to commence business of a Housing Finance on November 14, 2017 to Satin Housing Finance.
Satin Housing Finance is a wholly owned subsidiary of Satin Creditcare Network.
The company, which has a strong presence in north India, registered as an NBFC with the RBI in 1998 and converted into an NBFC-MFI in November 2013.
Satin Creditcare recorded a 7.5 percent year-on-year growth in gross loan portfolio (assets under management) at Rs 4,493 crore in quarter ended September 2017. Its profit for the quarter more than halved to Rs 11.3 crore from Rs 26.42 crore.
At 10:52 hours IST, the stock price was quoting at Rs 377.50, up Rs 50.70, or 15.51 percent on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
