1,000 per cent returns: This multibagger NBFC company partners with IndusInd Bank for co-branded credit card; gets RBI permission!

The stock gave multibagger returns of over 1,000 per cent in just 3 years whereas BSE Sensex Index is up by 76.38 per cent.

Poonawalla Fincorp Limited, a Cyrus Poonawalla group-promoted non-banking finance company, has received permission from the Reserve Bank of India (RBI) to issue co-branded credit card with IndusInd Bank. The company envisages to launch this credit card within three months. This partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit.

Expressing happiness at the development, Mr Abhay Bhutada, Managing Director of Poonawalla Fincorp, said, “We are confident that this partnership with IndusInd Bank will be a game-changer adding a new vista to our bouquet of new-age financial products for India’s tech-savvy and financially astute customers. We at Poonawalla Fincorp believe in ethical lending with complete transparency and no hidden charges while engaging with our customers. With its fully digital process and unique best-in-class product offerings, we expect to provide an exceptional & seamless customer experience to our existing and potential customers.”

Poonawalla Fincorp Limited also known as Magma Fincorp Limited is a non-deposit-taking NBFC registered with RBI. It is engaged in providing consumer and MSME financing and general insurance services. The company has a market cap of over Rs 29,000 crore and reported excellent numbers in its Quarterly Results and annual results.

Poonawalla Fincorp Ltd.’s shares are currently trading at Rs 378.30 per share, up by 1.57 per cent with an intraday high of Rs 383 and an intraday low of Rs 374.25. The company's stock price CAGR over a year is 33 per cent.

The stock gave multibagger returns of over 1,000 per cent in just 3 years whereas BSE Sensex Index is up by 76.38 per cent. Investors should keep an eye on this stock for upcoming trading sessions.

Disclaimer: The article is for informational purposes only and not investment advice.