 "Manappuram Finance nears 52-week high")
Manappuram Finance has moved higher by 6% to Rs 35.95 on the BSE, trading close to its 52-week high of Rs 38 touched in May last year.
In the past one-month, post October-December (Q3FY16) results, the stock of gold loans non-banking finance company, has rallied 26% from Rs 28.50 on February 12 after the company reported 25% year-on-year rise in its consolidated net profit at Rs 100 crore. The S&P BSE Sensex gained 8% during the same period.
The company said the gross net performing assets (NPAs) steady at 1.1% of assets under management (AUM) in Q3FY16 despite shift to recognition at 150 days as per Reserve Bank of India (RBI) guidelines.
NPAs on account of theft, spurious collateral etc. are only 0.09% of AUM, Manappuram Finance said in a statement.
Cost of funds declined further 50 basis points quarter-on-quarter to 10.5% due to raising of lower cost funds from banks and mutual funds. Capital Adequacy is healthy at 25.4% compared to the minimum 15.0% stipulated by RBI for NBFC companies, it added.
At 03:09 PM, the stock was up 4.6% at Rs 35.50 on the BSE. A combined 3.2 million shares changed hands on the counter on the BSE and NSE.
In the past one-month, post October-December (Q3FY16) results, the stock of gold loans non-banking finance company, has rallied 26% from Rs 28.50 on February 12 after the company reported 25% year-on-year rise in its consolidated net profit at Rs 100 crore. The S&P BSE Sensex gained 8% during the same period.
The company said the gross net performing assets (NPAs) steady at 1.1% of assets under management (AUM) in Q3FY16 despite shift to recognition at 150 days as per Reserve Bank of India (RBI) guidelines.
NPAs on account of theft, spurious collateral etc. are only 0.09% of AUM, Manappuram Finance said in a statement.
Cost of funds declined further 50 basis points quarter-on-quarter to 10.5% due to raising of lower cost funds from banks and mutual funds. Capital Adequacy is healthy at 25.4% compared to the minimum 15.0% stipulated by RBI for NBFC companies, it added.
At 03:09 PM, the stock was up 4.6% at Rs 35.50 on the BSE. A combined 3.2 million shares changed hands on the counter on the BSE and NSE.