Shares of Veefin Solutions hit the upper circuit after this special development

On Wednesday, Veefin Solutions shares got locked in its upper circuit of 5% to trade at Rs 337.15, from its previous closing of Rs 321.10 on the BSE.

Partnering with Metalbook

Veefin Solutions recently announced that it has added Metalbook, India’s full-stack tech-enabled player revolutionizing the metal industry by streamlining the processes of buying, selling, customizing and recycling metals, to its customers. Metalbook has a network of over 1,100+ suppliers and buyers within the global metal industry.

Veefin Solutions will embed its cutting-edge Supply Chain Finance platform into Metalbook’s extensive network of metal suppliers and buyers and allow Metalbook to offer financing to its network from hundreds of lenders in the country, eliminating the need for cumbersome one-on-one integrations with each lender, saving significant resources.

Company profile

Incorporated in 2020, Veefin Solutions Limited is a Digital Lending and Supply Chain Finance (SCF) technology product solutions company based in Mumbai. The company builds white-labelled Supply Chain Finance and Lending solutions including end-to-end Lending Stack, Smart Credit Decisioning, Business Intelligence, Analytics and Omni-channel Onboarding for Banks, Financial Institutions, Fintechs, B2B marketplaces, and Corporates.

Stock price movement

Today, the stock opened at Rs 326.80 and has touched a high and low of Rs 337.15 and Rs 320.50, respectively. The BSE group ‘M’ stock of face value of Rs 10 has a 52-week high and low of Rs 354.05 and Rs 85.13, respectively. Last one week high and low of the scrip stood at Rs 354.05 and Rs 320.35, respectively. The current market cap of the company is Rs 714.34 crore.

The promoters holding in the company stood at 39.84%, while Institutions and Non-Institutions held 1.21% and 58.96% respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.