 "Two of the largecap-oriented mutual fund (MF) offerings — flexicap and largecap funds — witnessed a spike in investor interest in October amid a fall in the equity market.")
Shares of non-banking financial company (NBFC) Manappuram Finance fell 2.56 per cent to the day’s low of Rs 151.70 on the BSE during intra-day trade on Monday, November 18, 2024. However, the stock recovered and jumped 2.66 per cent from the day’s low to Rs 155.75 by around 2 PM on Monday. Combined, nearly 8.1 million shares of Manappuram Finance, worth around Rs 125.23 crore, have exchanged hands on the NSE and BSE, on Monday.
This stock movement aligns with the company’s stock trading ex-date today following the announcement of an interim dividend of Re 1 for eligible shareholders. In an exchange filing, Manappuram Finance informed the bourses that its board has “declared an interim dividend of Re 1 per equity share of face value Rs 2.”
Manappuram Finance also fixed November 18 as the record date to determine the entitlement of the interim dividend for shareholders. The company added that the dividend or dividend warrants shall be paid or dispatched on or before December 4, 2024.
The ex-date marks the day a stock begins trading without dividend entitlement. To qualify for dividend benefits, investors must hold the stock before this date. However, companies prepare the list of dividend beneficiaries based on shareholders recorded at the close of the record date.
Formerly known as Manappuram General Finance and Leasing, Manappuram Finance is one of India’s largest NBFCs, primarily dealing in gold loans. The company offers a range of retail credit products and financial services. It has a diversified lending portfolio catering to retail, microfinance, SME, and commercial customers, providing credit against the security of used household gold jewelry.
As of November 18, 2024, Manappuram Finance had a market capitalisation of Rs 13,204.38 crore. The company is a constituent of the BSE 500 index. Shares of Manappuram Finance have a 52-week range of Rs 230.25-138.40 on the BSE.
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The NBFC stock has dropped 9 per cent year-to-date.
Meanwhile, the benchmark equity indices were trading lower on Monday, weighed down by weak global cues. The BSE Sensex was quoted at 77,426.64, down 153.67 points or 0.20 per cent from its previous close. Similarly, the NSE Nifty50 traded at 23,499, down 33.60 points or 0.14 per cent.
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