Mumbai: Shares of SKS Microfinance surged by 5% in morning trade to hit the upper circuit on the bourses on Thursday, extending the gains registered over the past four trading sessions.
The stock rose by 5% to hit the upper circuit at Rs 253.05 on the Bombay Stock Exchange, while it rose by a similar percentage to Rs 252.95, triggering the circuit breaker on the National Stock Exchange.
The stock has been on a upswing over the past five trading sessions, including today, rising by an impressive 27%.
As per reports, SKS may approach the Reserve Bank for a banking licence.
The RBI draft guidelines on new bank licences stipulate that 25% of NBFC branches should be located in rural areas.
Meanwhile, the broader market was witnessing severe volatility in early trade, with the BSE benchmark Sensex trading higher by 14.95 points at 17,079.95 at 1102 hours.