Muthoot, Manappuram Finance outlook: Shares of gold loan lenders could see limited downside in the near-term, as broader trend remain up; charts show.
According to reports, the RBI has said no gold loan NBFC should disburse loan amount in excess of Rs 20,000 in cash
The company is also venturing into the renewable energy sector, focusing on green hydrogen production, hydrogen fuel stations, and solar photovoltaic projects.
Manappuram Finance, Muthoot Finance and state-run REC are aiming to issue benchmark-sized bonds, which means the issuance will be around $500 million each, the three bankers said
Gold loan financier Manappuram Finance on Friday said its board has approved raising of up to USD 500 million (about Rs 4,100 crore) by way of external commercial borrowings (ECBs). The funds would be raised in one or more tranches, Manappuram Finance said in a regulatory filing. In the filing, the company said its financial resources and management committee of the board at its meeting held on April 19, 2024, has approved the fundraising proposal. Last month, the company approved fund raise by issuance of redeemable non-convertible debentures (NCDs) up to the overall limit of Rs 6,000 crore by way of private placement or public issue in one or more tranches to meet business growth. This is the fundraise plan for the financial year 2024-25, the company had said.
Gold loan financier Manappuram Finance on Tuesday said it has received board approval to issue redeemable non-convertible debentures (NCDs) up to the overall limit of Rs 6,000 crore by way of private placement or public issue in one or more tranches to meet business growth. This is the fundraise plan for the financial year 2024-25. Besides, the board has also approved the issuance of secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures for an aggregate amount of Rs 25 crore on a private placement basis, the company said in a regulatory filing.
Among the frontline NBFCs, Bajaj Finance looks interestingly poised, with the stock attempting to form a bottom following a 17 per cent decline since mid January, suggests technical chart.
Capri Global Capital (CGCL), CSB Bank, Muthoot Finance and Manappuram Finance are up between 7% and 20%
The October-December quarter included some key festivals that typically spur demand. Most Indian lenders have reported double-digit loan growth for the period
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Reacting to the development, shares of Manappuram Finance plunged as much as 7.45% to a low of Rs 163.40 apiece on the BSE on Wednesday
RBI's latest move raising risk weights on loans is likely to hurt sentiment towards Muthoot and Manappuram
The central bank imposed a monetary penalty of Rs 42.78 lakh on Manappuram Finance on account of failing to adhere to certain regulations
Gold prices hit a record high earlier this year and though it saw some subsequent corrections, prices were up more than 20% year-on-year for the quarter
Closing Bell on October 5, 2023: L&T, Titan Company, TCS, Bajaj Auto, M&M, Infosys, Eicher Motors, Asian Paints, and ICICI Bank were the top stocks that supported the indices, rising up to 2.15%
Foreign fund house Quinag Acquisition on Thursday offloaded its entire stake in Manappuram Finance for Rs 1,177 crore through an open market transaction. According to the bulk deal data available with the BSE, Quinag Acquisition (FPI) disposed of 8,37,85,880 shares amounting to a 9.90 per cent stake in Manappuram Finance. The shares were offloaded at an average price of Rs 140.50 apiece, taking the transaction value to Rs 1,177.19 crore. At the end of June quarter, Quinag owned more than 8.37 crore shares which is equivalent to 9.90 per cent stake in the company, as per the shareholding data available with the BSE. Meanwhile, Bofa Securities Europe SA acquired 62.60 lakh shares and Chartered Finance and Leasi NG bought 50 lakh shares of Manappuram Finance. Shares of Manappuram Finance fell 2.64 per cent to close at Rs 142.25 apiece on the BSE. In a separate open market transaction on the BSE, promoter entity Sapphire Foods Mauritius pared a 2.5 per cent stake in restaurant operat
At 09:15 AM; around 88.4 million shares representing 10.44 per cent of total equity of Manappuram Finance changed hands on the BSE, the exchange data shows.
Shares of the company closed 2.84% up after the results
The platform is targeted at customers living in smaller cities and towns of India
Fitch Ratings on Wednesday said the recent search by the enforcement directorate at gold-backed lender Manappuram Finance highlights corporate governance challenges that can arise in emerging markets like India. "Such searches need not lead to further regulatory action, but investigations raise reputational risk that could tarnish a lender's business prospects and constrict funding access due to reduced market confidence - potentially affecting an issuer's credit profile - even if no wrongdoing is identified," Fitch added. The rating agency said Manappuram Finance Ltd has disclosed that the Enforcement Directorate's search at its premises pertained to legacy non-compliant activities at its branches up until 2012. Such searches are relatively rare, and can flag potential governance risks, but the activities the company has identified thus far as being involved are publicly known and Fitch has already factored them into its rating, "including our assessment of the company's corporate