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MAS Financial Services Ltd. hit a 52-week high in intraday trading on Thursday before paring some gains and ending 3.5 percent higher.

Since the beginning of calendar year 2022, shares of the Gujarat-headquartered non-banking financial company have risen nearly 33 percent.

Last week, the company had raised Rs 55 crore via issuance of commercial papers. The commercial papers were allotted on October 13. The instrument, rated CARE A1+, is offering an interest rate of 7.8 percent and is set to mature on 31 October 2022.

Earlier in September, brokerage house Axis Securities in a research report had issued a ‘buy’ rating on the MAS Financial Services with a price target of Rs 840.

The brokerage is confident of the company's long-term prospects as it is well-placed to delivery superior growth and stable asset quality.

MAS Financial Services’ business and financing products are primarily focused on middle- and lower-income customer segments spread across urban, semi-urban and rural areas, including the formal and informal sector.

The company also offers financial services for micro enterprises loans, SME loans, home loans, two-wheeler loans, used car loans, and commercial vehicle loans.