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Ujjivan Financial Services share closes 4.26% higher after Macquarie raises target price by 25%

Ujjivan Financial share price closed 4.26% or 12 points higher at Rs 303.50 on BSE

twitter-logo BusinessToday.In        Last Updated: November 22, 2019  | 17:29 IST
Ujjivan Financial Services share closes 4.26% higher after Macquarie raises target price by 25%
Ujjivan Financial Services share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Ujjivan Financial Services share price closed higher in trade today after brokerage Macquarie raised its target price to Rs 325 from Rs 260 per share. Ujjivan Financial share price closed 4.26% or 12 points higher at Rs 303.50 on BSE.  The small cap share opened with a gain of 2.51% at Rs 298.40 compared to the previous close of Rs 291.10 on BSE.

Earlier in the day, Ujjivan Financial share price rose up to 5.12% to Rs 306 on BSE. The stock trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. While raising the target price, Macquarie said listing of Ujjivan Small Finance Bank is imminent. Pre-IPO deal values the bank at 1.7 times FY21 estimated book value.

Ujjivan Financial hit a 52-week high of Rs 371.50 on June 4, 2019 and 52 week low of Rs 208 on December 10, 2018. The stock has gained 39% during last one year and gained 9.35% since the beginning of this year.

However, the stock has lost 2.29% since the firm reported its earnings for quarter ended September 2019. 

On October 21,  Ujjivan Financial reported over two-fold rise in consolidated net profit to Rs 93 crore for the second quarter ended September 30 against profit of Rs 44.3 crore in July-September 2018-19. Total income rose 55 per cent to Rs 710 crore in the quarter under review as against Rs 459.04 crore in the year-ago period. 

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