SKS Microfinance surges, Morgan Stanley starts at 'overweight'

Shares of SKS Microfinance closed up almost 2 per cent on Thursday as Morgan Stanley initiated coverage with an "overweight" rating and a target of Rs 385.

Morgan Stanley said that India's microfinance industry had a demand potential of $90 billion, adding that SKS was in a better position than most peers.

The scrip, which had risen over 3 per cent intra-day, closed at Rs 296.55 a piece up 5.65 points, or 1.94 per cent at the Bombay Stock Exchange (BSE).

(Reuters)