Merger buzz with Clix Capital gives wings to Suryoday SFB; stock zooms 20%

Suryoday SFB’s counter saw a five-fold increase in trading activity, with 1.17 million equity shares changing hands on the NSE and BSE at 11:21 a.m. According to the statistics, there were pending buy orders for 245,316 shares on both markets.

Suryoday SFB had a shaky stock market debut on March 26, 2021, when it listed at Rs 276.20 per share on the BSE, a 10% discount to its issue price of Rs 305 per share. On August 23, 2021, the stock touched a low of Rs 138.50 after it was listed. The primary goal of the initial public offering (IPO) was to meet the Reserve Bank of India’s (RBI) three-year listing requirement for new banks.

Suryoday SFB recorded a loss of Rs 47.70 crore in the April-June quarter (Q1FY22), compared to a profit of Rs 26.6 crore the previous quarter. Compared to the same quarter last year, net interest income (NII) fell by 1.7% to Rs 123.5 crore in the third quarter.