Shares of Cholamandalam Investment and Finance Company Ltd. surged over 8 percent in trade on Thursday to hit a fresh 52-week high of Rs 844.90 after the company reported strong loan disbursal numbers for the March quarter.
Cholamandalam said that disbursements for the March quarter stood approximately at Rs 21,020 crore, up over 65 percent from the year-ago quarter and 19.7 percent from the December quarter.
New business disbursals stood at Rs 4,663 crore in the March quarter, up by 85.7 percent year-on-year. When compared to the December quarter, new business disbursals increased by 23.1 percent.
Cholamandalam said that vehicle disbursals jumped 38.8 percent year-on-year to Rs 12,190 crore, while LAP (loan against property) disbursals nearly tripled to Rs 2,762 crore.
Home loan disbursals stood at Rs 1,405 crore, up 31.1 percent when compared to the December quarter.
Cholamandalam said that its collection efficiency on billing at an overall level stood at 130 percent. The company continues to hold a strong liquidity position with Rs 5,222 crore as cash balance as of March-end.
Over the past year, shares of this Murugappa Group company have gained nearly 20 percent compared to a 0.6 percent rise in the benchmark Sensex during the same period.
Shares of Cholamandalam Investment are trading 7.5 percent higher at Rs 841.50.
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