Poonawalla Fincorp, earlier known as Magma Fincorp, is a Poonawalla group non-banking finance company (NBFC) that focuses on consumer and MSME financing. Adar Poonawalla, the CEO of Serum Institute of India (SII), is also the chairman of Poonawalla Fincorp. Non-banking finance company (NBFC) Magma Fincorp Ltd (Magma) in July had announced that it has changed its name to Poonawalla Fincorp Limited effective 22 July, 2021, following the acquisition of controlling stake by Adar Poonawalla-led Rising Sun Holdings Private Limited. Brokerage firm Emkay Global sees further upside on Poonawalla Fincorp stock as it said that the company is well placed in terms of adequacy, promoter backup and liquidity. "We continue to believe that Poonawalla Fincorp is well placed in terms of adequacy and liquidity.

Source: Mint August 16, 2021 08:03 UTC