Manappuram Finance gains on nod for diversification

Stock up 1.5% as the gold loan firm looks to diversify into the business of micro finance

Manappuram Finance gained over 1.5% on the Bombay Stock Exchange to trade at Rs 29.60 after the company in a board meeting held yesterday, gave its nod to diversify into the business of micro finance and financing of commercial vehicles.

The Kerala based gold loan firm will enter the micro finance business by acquiring existing companies engaged in the activity, the company has stated in a note to the exchange.

The stock opened at Rs 29.50 and has hit a high of Rs 29.90 and a low of 29.30 thus far. Nearly six lakh shares have changed hands on the BSE and NSE thus far.