Manappuram Finance gained 3.15% to Rs 22.95 at 12:13 IST on BSE, after the central bank allowed foreign investors to hike their stake in the company.
Meanwhile, the S&P BSE Sensex was down 20.78 points or 0.09% at 21,899.01
On BSE, so far 4.77 lakh shares were traded in the counter as against average daily volume of 6.12 lakh shares in the past one quarter.
The stock hit a high of Rs 24.10 and a low of Rs 22.80 so far during the day. The stock had hit a 52-week low of Rs 9.85 on 16 July 2013. The stock had hit a 52-week high of Rs 35.65 on 11 March 2013.
The stock had underperformed the market over the past one month till 28 February 2014, rising 5.95% compared with the Sensex's 7.57% rise. The scrip, however, outperformed the market in past one quarter, gaining 38.63% as against Sensex's 4.4% rise.
The small-cap company has equity capital of Rs 168.24 crore. Face value per share is Rs 2.
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The Reserve Bank of India after market hours on Friday, 7 March 2014 notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 49% of the paid up capital of Manappuram Finance under the Portfolio Investment Scheme (PIS). Manappuram Finance has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs). The Reserve Bank has notified this under FEMA 1999, regarding raising of aggregate ceiling for investments by FIIs in Indian companies under Portfolio Investment Scheme (PIS).
Total foreign holding in Manappuram Finance stood at 48.29%, of which 41.86% was held by FIIs (as per the shareholding patterns as on 31 December 2013).
Manappuram Finance's net profit fell 15.8% to Rs 71.06 crore on 10.4% decline in total income to Rs 535.06 crore in Q3 December 2013 over Q3 December 2012.
Manappuram Finance is a leading national player in its core activity of gold loans.
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