BSE-listed penny stock jumps 16% ahead of NSE debut. Details here

BSE-listed Penny Stock: Shares of U Y Fincorp, a non-banking financial company (NBFC), surged 16 per cent on Tuesday, October 1 ahead of their listing on the National Stock Exchange (NSE) scheduled for October 3.

The penny stock, which is already listed on the Bombay Stock Exchange (BSE), will now be admitted to dealings on the NSE under the symbol “UYFINCORP”.

U Y Fincorp's share price surged as much as 16 per cent to the day's high of ₹35.74. At 2.25 pm, the scrip was trading in the green, up 13.67 per cent at ₹34.67 on the BSE. The company enjoys a market capitalisation of ₹659.56 crore. 

The NSE listing was confirmed after the company received a letter from the exchange on September 30, 2024.

A total of 19,02,38,329 fully paid equity shares of ₹5 each will be admitted to the dealings on NSE. This new development is a major milestone for U Y Fincorp, indicating its ongoing growth and expanding role in India's financial services sector.

U Y Fincorp financial performance

The annual revenue of U Y Fincorp shot up by 245.06 per cent in the last fiscal year to ₹197 crore. Meanwhile, its quarterly revenue saw a 71.87 per cent year-on-year (YoY) rise to ₹36 crore in Q1FY25. The company's profit growth was even more remarkable, with the annual net profit climbing 738.2 per cent to ₹64.92 crore in FY24.

U.Y. Fincorp is a debt-free company, which according to the company gives it more room to fuel future growth.

According to an official release, the company has also broadened its reach by launching its loan brand, GrowU, initially in Lucknow and Kanpur. It plans to expand further into regions like Prayagraj and Varanasi.

The company is focused on digitising small-ticket loans, maintaining a monthly disbursement rate of ₹100 lakh with interest rates ranging between 24 per cent and 30 per cent, the company claimed.

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