Shares of Poonawalla Fincorp (formerly known as Magma Fincorp) hit a 52-week high of Rs 343.75 after rallying 8 per cent on the BSE in Wednesday’s intra-day trade on healthy earnings hopes. The stock of Cyrus Poonawalla group promoted non-banking finance company (NBFC) has zoomed 44 per cent in the past month, compared to a 6 per cent gain in the S&P BSE Sensex.

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Poonawalla Fincorp traded 6 per cent higher at Rs 335.40 on the back of heavy volumes. In comparison, the S&P BSE Sensex was up 0.08 per cent at 58,622 points. The trading volumes on the counter more than doubled with a combined 16.56 million equity shares representing 2 per cent of total equity that changed hands on the NSE and BSE.

In the past six months, the stock has more-than-doubled or zoomed 110 per cent compared to a 3.3 per cent decline in the S&P BSE Sensex. In January, the rating agency CRISIL Ratings assigned its long-term rating of ‘CRISIL AA+/Stable’ to non-convertible debentures and bank facilities of Poonawalla Fincorp.