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Why PTC India Financial Services stock climbed 20% today

Business Today logo Business Today 05-07-2022 Aseem Thapliyal
 Why PTC India Financial Services stock climbed 20% today © Provided by Business Today Why PTC India Financial Services stock climbed 20% today

Shares of PTC India Financial Services zoomed 20 per cent today after the firm said an independent audit issued "satisfactory report" after deeming that the company had maintained sufficient transparency. PTC India Financial Services stock touched an intraday high of Rs 16.42, rising 19.94 per cent on BSE.

Shares of PTC India Financial Services are trading higher than the 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages. The NBFC stock opened with a gain of 3.87 per cent to Rs 14.22 today.

The stock has lost 16.86 per cent in a year and fallen 16 percent in 2022. In the current session, the market cap of the firm rose to Rs 1,053.63 crore on BSE.

Total 7.07 lakh shares of the firm changed hands amounting to a turnover of Rs 1.15 crore. The stock touched a 52-week high of Rs 25.90 and a 52-week low of Rs 12.40 on 19 January, 2022 and 20 June, 2022, respectively.

An Agency for Specialized Monitoring (ASM) appointed by lenders has issued a satisfactory report for Q3 of the last fiscal.

The report said the company is maintaining required level of transparency in terms of submission of data/statements to the lenders as stipulated at the time of sanction.

"The cash flows for the review period were normal and there was no diversion of funds whatsoever and we are of view that the loans funds availed by the company from banks/FIs have been utilised for the purpose for which it was intended," the report said.

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"There are no suspicious activity/transactions, case of mis-representation/ suppression of facts and fraudulent practices. The business operations of the company are found to be satisfactory," the report added.

In January 2022, market regulator Sebi asked the non-banking financial firm to address corporate governance issues before holding any board meeting. The Securities and Exchange Board of India (SEBI) also asked PTC India Financial to file an action-taken report in four weeks, the company said.

The regulator came into action after three of the firm's independent directors resigned on January 19 this year, citing lapses in corporate governance.

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The three independent directors -- Kamlesh Shivji Viakmsey, Thomas Mathew T and Santosh B Nayar -- raised serious concerns on conduct of the management of the PFS India led by managing director and CEO Pawan Singh. Some of the issues highlighted were the appointment of a full-time director, non-disclosure of a forensic audit report regarding a loan account and unilateral changes in loan conditions without board approvals.

PTC India Financial Services Limited is an infrastructure finance company. The company provides financing solutions to the energy value chain, which includes investing in equity or extending debt to road infrastructure projects and power projects, in generation, transmission, distribution, fuel resources and fuel-related infrastructure.

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