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ICICI Securities Report
Magma Fincorp Ltd.’s proposal for change in controlling stake, new promoter and stronger management to Rising Sun Holdings (controlled by Mr. Adar Poonawalla) bodes well for an otherwise niche franchise that has been in transition for several years.
Business re-organisation and consolidation phases have depressed the stock’s valuation for long.
We expect the new promoter group and management to leverage the niche positioning of Magma’s product, geography and customer franchise to improve the group’s market positioning and capitalise on upcoming opportunities.
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