This action reaches the upper circuit (Image source: iStockphoto)
Sunshine Capital shares continued their bullish momentum on Friday, gaining 5%. upper circuitmarking the sixth consecutive session of gains.
The rally follows a series of positive announcements from the non-banking financial company (NBFC). On Thursday, Sunshine Capital revealed its plans to enter the insurance sector. Brokerage businesswhich represents a strategic expansion of its operations.
According to the company’s filing on the stock exchange, “The Board has decided to go ahead with the expansion of the Company’s operations in the insurance broking business. This move is aimed at expanding our range of financial services. By entering the insurance broking sector, the Company seeks to leverage the projected growth in the Indian insurance industry, which is expected to be the fastest growing among the G20 countries. This expansion will enable the Company to better serve our customers by offering customized insurance solutions.”
Furthermore, the company’s board of directors has decided to explore the possibility of listing Sunshine Capital on the main market of the National Stock Exchange (NSE), pending necessary regulatory approvals. This series of developments has bolstered investor confidence, which has fueled the recent surge in the stock.
At the time of filing, the stock was locked in an upper bound of 5 per cent and was trading at Rs 2.67. The stock’s 52-week high and low are Rs 4.13 and Rs 0.48 respectively.
According to BSE analysis, the stock has returned 18.67 per cent in the last month and 394.44 per cent in the last year.
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