CreditAccess Grameen corrects sale with profit

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CreditAccess Grameen fell 6.30% to Rs 682.40 following the sale of profits after recent large gains.

Shares of CreditAccess Grameen have jumped 41.67% in the past five sessions.

So far in 2021, the stock has fallen 14.18% while the benchmark Sensex has risen 25.52% over the same period.

Technically, the stock’s RSI (Relative Strength Index) came in at 68.07. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.

The stock was trading above its 50-day, 100-day, and 200-day Simple Moving Average (SMA) placed at 563.90, 547.21 and 573.24, respectively.

CreditAccess Grameen reported a 7.9% drop in its stand-alone net profit to Rs 71.99 crore despite an 8.3% increase in total income to Rs 510.33 crore in Q2 FY22 compared to Q2 FY21.

CreditAccess Grameen is a microfinance institution focused on providing microcredit to clients mainly in rural areas of India. The company, on a consolidated basis, now operates in 303 districts of the 14 Indian states through 1,566 branches.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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