Shares of PTC India Financial Services jumped 20% today after the company said an independent auditor issued a “satisfactory report” after finding the company had maintained sufficient transparency. Shares of PTC India Financial Services hit an intraday high of Rs 16.42, up 19.94% on BSE.
Shares of PTC India Financial Services are trading above the 5-day, 20-day, 50-day and 100-day moving averages, but below the 200-day moving averages. NBFC stock opened with a gain of 3.87% at Rs 14.22 today.
The stock has lost 16.86% in one year and has fallen 16% in 2022. During the current session, the company’s market capitalization has risen to Rs 1,053.63 crore on BSE.
A total of 7.07 lakh shares of the company changed hands, representing a turnover of Rs 1.15 crore. The stock hit a 52-week high of Rs.25.90 and a 52-week low of Rs.12.40 on January 19, 2022 and June 20, 2022, respectively.
A Specialized Monitoring Agency (ASM) commissioned by the lenders reported a satisfactory balance sheet for Q3 of the last financial year.
The report states that the company maintains the required level of transparency in terms of data submission/reporting to lenders as stipulated at the time of the sanction.
“Cash flows for the reporting period were normal and there was no misappropriation of funds and we are of the opinion that the loan funds obtained by the company from banks/FIs have been used for the purpose for which they were obtained. were intended,” the report said. said.
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“There is no suspicious activity/transaction, instances of misrepresentation/suppression of facts and fraudulent practices. The business operations of the company are found to be satisfactory,” the report adds.
In January 2022, market regulator Sebi asked the non-banking finance company to resolve corporate governance issues before holding a board meeting. The Securities and Exchange Board of India (SEBI) has also requested PTC India Financial to file a report on the action taken within four weeks, the company said.
The regulator swung into action after the resignation of three of the firm’s independent directors on January 19 this year, citing breaches of corporate governance.
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The three independent directors – Kamlesh Shivji Viakmsey, Thomas Mathew T and Santosh B Nayar – have expressed serious concerns about the conduct of the management of PFS India led by Managing Director and CEO Pawan Singh. Some of the issues highlighted were the appointment of a full-time manager, non-disclosure of a forensic audit report on a loan account, and unilateral changes to loan terms without board approval. administration.
PTC India Financial Services Limited is an infrastructure finance company. The Company provides financing solutions to the energy value chain, which includes equity investment or extending debt to road infrastructure projects and power projects, in generation, transmission, distribution, fuel resources and fuel-related infrastructure.