The company announced that its board will meet on 2 June 2023, to consider issue of non-convertible debentures on private placement basis.

Shares of Spandana Sphoorty Financial have risen 13.45% in four consecutive sessions.

The stock outperformed the market over the past one month, rising 20.63% compared with 2.39% increase in the Sensex.

The scrip outperformed the market in past one quarter, climbing 24.02% compared with 4.63% rise in the Sensex.

The scrip outperformed the market in past one year, rising 90.79% compared with 12.61% increase in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 73.93. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 594.56, 581.88 and 574.33, respectively. These levels will act as crucial support zones in near term.

Spandana Sphoorty Financial is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India.

On a consolidated basis, the company's net profit jumped 48% to Rs 105.57 crore in Q4 FY23 compared with Rs 71.36 crore in Q3 FY23. Total income stood at Rs 533 crore in Q4 FY23, registering the growth of 42% as against Rs 375 crore posted in Q3 FY23.

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Spandana Sphoorty Financial will hold a meeting of the Board of Directors of the Company on 2 June 2023.

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Spandana Sphoorty Financial announced that Padmaja Gangireddy (DIN: 00004842) has resigned Non-Executive Director of the Company with effect from 27 May 2023 and requested the Company to declassify herself as Promoter of the Company.

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Spandana Sphoorty Financial has allotted 8120 equity shares under ESOP on 11 May 2023. Accordingly, the paid-up equity share capital of the Company has increased from Rs.70,98,52,690/- consisting of 7,09,85,269 equity shares having the face value of Rs. 10.00/- each to Rs.70,99,33,890/- consisting of 7,09,93,389 equity shares having the face value of Rs. 10.00/- each.

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