Mufin Green Finance Clocks 52W-High After Strategic Partnership With OTO

The shares of Mufin Green Finance had a higher opening price of Rs 148.75 on Monday. At Rs 153.65, which was also the upper circuit limit, the shares recorded a new 52-week high. Throughout the session, the stock rose 5%, closing at Rs 153.65, the upper circuit limit. Since December 8th, the stock has been seen to reach its upper circuit limit at the level of Rs 114.80, meaning that it has gained 33.84% over the past seven sessions.

Today's surge in stock price was witnessed after OTO and Mufin Green Finance established a collaborative cooperation aimed at transforming the electric vehicle (EV) finance market, with a focus on underserved client categories, according to Autocar Professional.

OTO has established a challenging target of selling 35,000 electric vehicles by 2024, demonstrating its commitment to encouraging the use of environmentally friendly alternatives. The goal of the collaboration between OTO's technology knowledge and Mufin Green Finance Ltd.'s finance expertise is to hasten the widespread use of electric vehicles in the Indian market. OTO plans on investing more than 250 crores in green mobility, of which more than 100 crores would be made available through Mufin Green Mobility, according to the cited source,

Sumit Chhazed, Co-Founder and CEO of OTO commented "In uniting with Mufin Green Finance, we are not just shaping the future of finance but also fostering a greener tomorrow. Our focus on electric two-wheelers aligns seamlessly with our vision for a sustainable and energy-conscious society, reinforcing our dedication to providing innovative solutions for the modern rider while prioritizing environmental stewardship."

Pankaj Gupta, CEO Mufin Green Finance, commended on the collaboration that, "Inclusion and empowerment lie at the heart of every business decision and strategic initiative of Mufin Green Finance. We are delighted to partner with OTO, an organisation whose focus and vision converge with our intent and directions. With this partnership, we hope to target and serve the young, digital-savvy, and affluent generation of customers and expand our retail portfolio by providing them with the highest quality services that we are known for," stated Autocar Professional.

The net revenue of Mufin Green Finance nearly doubled in the quarter ending in September 2023 as it reached Rs 4.01 crore, a 99% rise compared to Rs 2.02 crore in the same quarter of the previous fiscal, according to exchange records. Compared to Rs 6.56 crore during the same period last year, its revenue from operations jumped by more than 220 per cent to Rs 21.08 crore in Q2FY24.

According to the management committee of the company, in its meeting held today i.e. Friday, December 15, 2023 has allotted 750 NCDs of the face value of Rs 1,00,000/- each aggregating to Rs 7.50 Crores, as per a separate exchange filing filed by the company.