Manappuram Finance Ltd shares rose over 9% on Thursday, June 27, reaching a 52-week high and emerging as the top gainer in the small-cap index during the early session trade.
The stock opened at ₹197.45 on the BSE, slightly up from its previous closing price of ₹196.45. It surged to a 52-week high of ₹214, up 9% from Wednesday’s close.
Manappuram Finance’s shares have increased by more than 74% since its 52-week low of ₹122.7 on July 14, 2023.
Earlier this month, VP Nandakumar, MD and CEO of Manappuram Finance indicated that demand for gold loans has increased this year, spurred by middle-income individuals seeking finances following Covid.
“Our average ticket size is between ₹70,000-75,000, with an average loan life of three months. The clientele is largely from the upper and lower middle classes, and their need for money facilitates our growth,” he stated.
Nandakumar also mentioned Asirvad Microfinance, Manappuram Finance’s non-banking microfinance affiliate, and its upcoming initial public offering (IPO).
He stated that the draft red herring prospectus (DHRP) has been filed, and the launch is planned for the next 2-3 months.
Manappuram Finance Ltd. is one of India’s top gold loan NBFCs. Shri. V.P. Nandakumar, the present MD & CEO, launched the company in 1949 in the seaside village of Valapad (Thrissur District) with his late father, Mr. V.C.
At around 2.50 PM, Manappuram Finance was trading 7.43% higher at ₹210.85, against the previous close of ₹196.27 on NSE.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.