SKS Microfinance stock closes 10.76% higher on UBS 'buy' rating

The SKS Microfinance stock rose on the BSE after UBS initiated stock with "buy" rating and set a price target of Rs 500.

At 10:39 am, the stock was trading 5.14 per cent higher to Rs 366.90. The stock closed 10.76% higher on the BSE.

In a note, UBS said non-banking microfinance companies have resumed their growth trajectory.

UBS expects FY15-17 earnings compounded annual growth rate (CAGR) of 66 per cent for SKS Microfinance.

(With Reuters inputs)