Small cap stock jumps up to 4% after SBI appoints the company as RTA 

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Small cap stock jumps up to 4% after SBI appoints the company as RTA 

Shares of a financial services company jumped 4 percent to reach an intraday high of ₹ 469.35 apiece on the National Stock Exchange (NSE). Its shares were trading at ₹ 456.40 apiece at 11:25 AM.

According to an exchange filing by KFin Technologies, it has been appointed as Registrar & Share Transfer Agent (RTA) of the State Bank of India (NS: SBI ). The contract is valid from October 01, 2023.

Meanwhile, the State Bank of India (NS: BOI ) in an exchange filing said that it has appointed KFin Technologies as the RTA of the Bank in place of existing RTA M/s. Alankit Assignments Ltd.

The formalities for the change of RTA relating to documentation, shifting of electronic connectivity and transition of data are in process. SBI added that Alankit Assignments Ltd. will continue to act as RTA of the Bank till such time the database and electronic connectivity are shifted to KFin Technologies Limited and requisite confirmations are received from NSDL and CDSL (NS: CENA ) in this regard. It said that it shall inform about the effective date of change in due course.

KFin Technologies is a leading technology-driven financial services platform. It provides services and solutions to asset managers and corporate issuers across asset classes in India, Malaysia, the Philippines and Hong Kong.

With a market capitalization of ₹ 7,665 crores, KFin Technologies is a small-cap company. It has a high return on equity of 26.10 percent and an ideal debt-to-equity ratio of 0.18. Its shares were trading at a price-to-earnings ratio (P/E) of 38.01, which is higher than the industry P/E of 29.62, indicating that the stock might be overvalued as compared to its peers.

The company’s promoters hold a 49.22 percent stake in it, followed by retail investors with 25.06 percent, other domestic institutions with 11.20 percent, foreign institutions with 8.08 percent and mutual funds with 6.44 percent.

Written by Simran Bafna

The post Small cap stock jumps up to 4% after SBI appoints the company as RTA appeared first on Trade Brains.

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