Benchmark indices Sensex and Nifty rebounded in early trade on Thursday after a sharp fall in the previous session amid foreign fund inflows and buying in blue-chip stocks. Amid this volatility, the shares of Golden Legend Leasing & Finance Ltd., a small-cap non-banking financial company (NBFC), are on investors’ radar as it has been gaining for the last four days and has risen 11.43 per cent in the period. The stock opened in the green today at Rs 9.46, against the previous close of Rs 9.27 on the BSE. The scrip gained further to touch the rise of Rs 9.79, representing a gain of 5.60 per cent from the last closing. The stock has a 52-week high of Rs 16.38 and a 52-week low of Rs 7.20.
What’s behind the upward trend
The stock is seeing upward momentum as the company has stated in its latest exchange filing today that it is developing an AI (Artificial Intelligence)-based digital platform called “Bade BhaiSab.” This platform is being designed to help people facing financial difficulties related to debt.
By analysing users’ financial information with their consent, the platform will provide personalised debt-resolution plans, technology-based tools, and financial counselling to help people better manage their liabilities.
The NBFC said the platform will further strengthen its digital lending business, promote responsible borrowing, and help increase customer engagement. The platform’s development is currently underway and will be launched once it is fully operational.
Forms wholly owned subsidiary
In fact, the company recently disclosed in its filing that it has successfully formed its wholly owned subsidiary, Gullakart Private Limited.
The company said the move is a key part of its strategy to strengthen its digital financial services ecosystem and expand its technology-enabled lending business. The new subsidiary aims to support the company’s digital lending platform.
Under this, the company will engage in digital payment services and will apply for a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI). In the filing, the company stated that upon receiving regulatory approval, the proposed PPI platform will integrate with its existing lending business to enable easy digital payments, enhancing customer convenience and strengthening its technology-based lending ecosystem.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
