Penny stock under ₹10: NBFC share jumps 7% from intraday low after this AI update

Penny stock under ₹10: NBFC penny stock Golden Legand Leasing and Finance jumped 6.94% from today's low to ₹9.79 apiece in Thursday's trading session after the company announced it has been actively progressing with the development of its technology driven digital platform, “Bade BhaiSab.”

The penny stock opened at ₹9.46 apiece today, as compared to previous close of ₹9.27 on Wednesday. The stock touched an intraday low of ₹9.11 on 9 July.

Golden Legand's new platform details

In an exchange filing dated 9 July, Golden Legand said that Bade BhaiSab is being developed as an Al-enabled digital platform to assist individuals in managing debt-related financial challenges through technology-driven solutions.

According to the filing, the platform is designed to analyse a user's financial profile using consent-based financial information and provide technology enabled tools, personalised debt resolution plans, and financial counselling to assist borrowers in managing their financial obligations through a structured approach.

It further said that the proposed platform is intended to complement the company's digital lending ecosystem by promoting responsible borrowing, enhancing customer engagement, and strengthening the company's technology-driven financial services portfolio.

“The development of Bade BhaiSab is progressing as planned, and the Company proposes to launch the platform upon completion of the development process and operational readiness,” the company said in the filing.

It also added that the company will keep informed of any material developments regarding the launch and operational commencement of the platform.

Earlier, the company announced the incorporation of Gullakkart Private Limited as its wholly owned subsidiary (WOS), a move aimed at bolstering its digital financial services ecosystem and accelerating the growth of its technology-driven lending business.

The new subsidiary will focus on strengthening the company's digital lending platform while also engaging in digital payment solutions. Additionally, it plans to seek a Prepaid Payment Instrument (PPI) licence from the Reserve Bank of India (RBI), subject to obtaining the required regulatory approvals.

Golden Legand share price trend

Golden Legand share price has remained volatile in the near-term. The penny stock has gained over 5% in a week and 3.43% in a month.

Furthermore, Golden Legand shares have slipped 16% in six months and 18% on year-to-date (YTD) basis. The stock has delivered over 17% gains in a year.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.