Niyogin Fintech Share Price Hits 52-week high as Madhuri Madhusudan Kela invests Rs 31 crore
Niyogin Fintech has received support from high net-worth investor Madhusudan Kela. The stake has been acquired under name of Madhusudan Kela's wife, Madhuri Kela, as per exchange data. Niyogin Fintech witnessed strong volume on Wednesday and the stock touched 52-week high. As per exchange data, WF Asian Reconnaissance Fund and Carmignac Portfolio were among sellers on the counter.
Collectively, WF Asian Reconnaissance Fund and Carmignac Portfolio sold 13.5 percent stake in Niyogin Fintech. Madhuri Madhusudan Kela acquired 5.3 percent stake for Rs 31 crore. The shares were traded at Rs 61.65 in block deal on BSE.
Three big investors purchased rest of the stake in the company. As per exchange data, Think India Opportunities Master Fund acquired 58 lakh shares (for INR 36 crore), Multiplier Share & Stock Advisors acquired 10 lakh shares and Mansi Share & Stock Advisors purchased 5 lakh shares.
During the last four trading sessions, Niyogin Fintech share price has jumped by 17 percent. The stock closed 5 percent higher on Wednesday, at 52-week high of Rs 68.11.
Niyogin Fintech is a fast growing fintech company in India. Many fintech companies have been rewarded by investors in the recent times. Niyogin Fintech is focused on small business clients and offers many innovative products to MSME sector. The small business segment in India has strong growth potential and this could help Niyogin Fintech offer decent returns to investors over long term. The company is also providing financial products in rural markets across India, a fast growing and yet underserved segment.
Usually, stocks witnessed strong investor interest after stake acquisition by big investors. Ace investor Rakesh Jhunjhunwala was having the strongest impact on investing community in India. Whenever he invested in any company, the stock would rally. Jhunjhunwala was strong supporter of Titan Industries, Delta Corp and Nazara Technologies.