Small-cap stock below ₹100: Star Housing Finance shares jump after Q1 results 2023, fund raise plans
Q1 results 2023: Star Housing Finance shares are one of the small-cap stocks listed on Dalal Street that has delivered strong Q1 results in 2023. The small-cap stock below ₹100 reported 134 per cent increase in asset under management (AUM) on YoY-basis whereas its income went up 99 per cent in this time. While discussing the Q1 results 2023 of the company, the board of directors also discussed and approved an interim dividend of ₹0.05 per share.
The small-cap company also increased the borrowing power limit up to ₹700 crores, which is subject to the approval of shareholders in the ensuing annual general meeting. The board also approved the issuance of unsecured (NCDs) not more than ₹100 crore by way of Private Placement for tranches, subject to the approval of the company. After the spread of this stock market news, buying interest took place in the small-cap stock.
Star Housing Finance shares today opened with an upside gap and went on to hit intraday high of ₹61.70 apiece levels, logging around 4 per cent risen against its Friday close of ₹59.28 apiece on BSE. The small-cap stock priced below ₹100 declared strong Q1 results for 2023 on Saturday last week. During the quarter ended June 2023 quarter, Star HFL has reported strong traction in business backed by a liability franchise that continues to compliment the asset growth.
The asset quality parameters have also improved during the quarter as the existing book gets seasoned and new book gets build up. The overall performance has given credence to look forward to achieve the yearly business and operational milestones set by the Company at the beginning of the financial year. During April to June 2023 quarter, Star HFL has reported strong traction in business backed by
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