Shares of SKS Microfinance surged by 5 per cent in morning trade to hit the upper circuit on the bourses today, extending gains registered over the past four trading sessions.
The stock rose by 5 per cent to hit the upper circuit at Rs 253.05 on the Bombay Stock Exchange, while it rose by a similar percentage to Rs 252.95, triggering the circuit breaker on the National Stock Exchange.
The stock has been on a upswing over the past five trading sessions, including today, rising by an impressive 27 per cent.
According to reports, SKS may approach the Reserve Bank for a banking licence.
The RBI draft guidelines on new bank licences stipulate that 25 per cent of NBFC branches should be located in rural areas.