Muthoot Finance rose 2.73% to Rs 1,138.95 after the company said its board will meet on 18 July 2020 to consider a stock split.
In the same meeting, the board will also seek shareholders' approval to increase its borrowing powers to Rs 75,000 crore from existing Rs 50,000 crore. The announcement was made post market hours yesterday, 2 July 2020.On the technical front, the stock's RSI (relative strength index) stood at 70.098. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 922.35 and its 200-day moving average (DMA) placed at 768.82.
The NBFC's consolidated net profit jumped 52.4% to Rs 835.78 crore on 26.1% rise in total income to Rs 2,633.58 crore in Q4 March 2020 over Q4 March 2019.
Muthoot Finance is the largest gold financing company in India in terms of loan portfolio.
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