This NBFC stock gained 5% in the first half of the market today as SmallCap World Fund Inc. buys 0.57% stake in the company for Rs. 75 crore. The identity of the seller is yet to be known.

Share price of Aavas Financiers opened at Rs. 1654.95 per share and traded nearly 4% higher to reach its intra- day high of Rs. 1696.70 per piece. The stock is currently trading at a discount of 28.76%. In the last three years, the stock has gained a total of 21.85%.

According to NSE, On 6 September 2023, Foreign Institutional Investor (FII) SmallCap World Fund Inc. under American Funds in the USA bought 0.57%, 4.54 lakh equity shares of face value of Rs. 10 each at Rs. 1654 per share for an aggregated amount of Rs. 75.11 crore.

The company has a market capitalization of Rs. 12,924 crore. Comparing its financial performance on a QoQ basis, the company made a revenue of Rs. 449.69 crore in Q4FY23 which increased by 3.8% to Rs. 466.97 crore in Q1FY24. However, its net profit saw a fall of 15.4% from Rs. 126.83 in Q4FY23 to Rs. 109.83 in Q1FY24.

Aavas Financiers Limited is a non- banking financial company incorporated in 2011. AAVAS generally works with consumers in semi-urban and rural areas who fall into the low- and middle-income bracket to provide housing loans. The company provides all ranges of house loans with low interest rates.

Written by Bhumika Khandelwal

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