Mannapuram Finance

The Enforcement Directorate on Thursday said it has frozen assets worth Rs 143 crore of prominent Kerala-based NBFC Manappuram Finance Ltd's MD and CEO V P Nandakumar after it conducted raids as part of a money laundering investigation. A total of six premises in Thrissur, where the company is headquartered, were covered during the searches that were launched on Wednesday. The case pertains to allegations of money laundering through "illegal" collection of deposits from the public, the agency said in a statement. During the course of searches, the ED said, it was found that the proceeds of crime have been "diverted and invested" by V P Nandakumar into immovable properties in his name, in the name of his spouse and children and into the shares of Manappuram Finance Ltd. "Hence, ED has freezed the assets of V P Nandakumar under the Prevention of Money Laundering Act (PMLA), totalling Rs 143 crore," it said. The frozen assets include deposits kept in eight bank accounts, investment i

Manappuram Finance on Wednesday reported over 44 per cent decline in net profit at Rs 261 crore in the quarter ended March 2022. The company had posted a net profit of Rs 468 crore in the same quarter of the previous year. "Our PAT (Profit After Tax) has been affected temporarily due to shifting of high yield to lower yielding gold loans. We have reduced Opex (operating expenses) during this quarter and we intend to maintain it at this level. "We are focusing more on collection efficiency and quality growth in MFI books and building up gold loan portfolio," Manappuram Finance said in an investor presentation. The company's net interest income also fell by 10.2 per cent in the March quarter of FY22 to Rs 986.50 crore as against Rs 1,098.40 crore in the year-ago period. It was up by 3.5 per cent from previous quarter's Rs 953.40 crore. The income from operations were down by 8.7 per cent, at Rs 1,481.40 crore during the quarter from Rs 1,484.5 crore. Talking about gold loan busines

The gold financier said it proposed to list the bonds on BSE or NSE and the tenure of the instrument, date of allotment, maturity and coupon will be decided by the board at the time of allotment

Analyst and money manager allegedly procured price-sensitive information from senior officials of Mannapuram Finance in 2013

The non-banking finance company (NBFC) had registered a net profit of Rs 266.78 crore in the same period of the previous fiscal year

Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor

Fund house bought over 1 cr shares of the NBFC at a trade price of Rs 94.73 per share