PTC India Financial Services shares zoom 20%; here's why

Shares of PTC India Financial Services zoomed by over 20 per cent in Tuesday’s trade as the company was issued a satisfactory report for by agency for Specialized Monitoring (ASM) appointed by lenders.

According to a press release issued by the company, the ASM report said that it is maintaining the required level of transparency in terms of submission of data/statements to the lenders as stipulated at the time of sanction.

"The cash flows for the review period were normal and there was no diversion of funds whatsoever. The loans funds availed by the company from banks/FIs have been utilized for the purpose for which it was intended," it added,

The report also observed that there were no suspicious activity/transactions, cases of misrepresentation/suppression of facts and fraudulent practices. The business operations of the company were found to be satisfactory and overall dealings of the company were found to be satisfactory.

At 11:05 a.m. the shares hovered around Rs 16.42 at today’s high, around 20 per cent above its previous close of Rs 13.69.