Poonawalla Fincorp shares rise after NBFC gets RBI's nod for launching co-branded credit card
Poonawalla Corp, a non-banking finance company, said that the card was aimed at targeting customers with good credit score and history.
Poonawalla Fincorp Share Price: The stock of Poonawalla Fincorp raced to a 2 per cent jump, or Rs 7.45, at Rs 379.90, in morning deals on Tuesday (September 26) after the RBI gave its nod to the NBFC company to issue a co-branded credit card.
The share opened at Rs 374.75 on Tuesday and rose to the day's high of Rs 380.20.
Poonawalla Fincorp Limited has received permission from the RBI to issue a co-branded credit card with IndusInd Bank.
The company envisages to launch this credit card within three months, the company said in a BSE filing on Monday.
The non-banking finance company (NBFC) said that the card was aimed at targeting customers with good credit score and history.
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Poonawalla Fincorp stock performance
The shares of the NBFC have been struggling for over a month as they have slid 8.81 per cent in the last one month.
Earlier, the shares were in rude health as they have soared 37.91 per cent in the six months, and 24.97 per cent year-to-date.
The shares have risen 33.03 per cent in the last one year.
The Nifty 50 benchmark, meanwhile, has jumped 2.01 per cent in the last one month, 15.94 per cent in the six-month period, 8.22 per cent year-to-date, and 15.74 per cent in the last one year.