Homemarket Newsmanappuram finance shares zoom after brokerage firm indicates upside 14381362.htm

    Manappuram Finance shares zoom after brokerage firm indicates 19% upside

    Manappuram Finance shares zoom after brokerage firm indicates 19% upside

    Manappuram Finance shares zoom after brokerage firm indicates 19% upside
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    By CNBCTV18.com  IST (Updated)

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    Manappuram Finance share price: Shares of Manappuram Finance surged about 9 percent on Friday after CLSA said 'buy' the gold loan company's stock even as the quarterly numbers were weak. CLSA has upgraded the financier’s stock to ‘buy’ rating with a hike in target price to Rs 130 which means a 19 percent upside from today's high.

    Shares of Manappuram Finance surged about 9 percent on Friday after CLSA advised investors 'buy' the gold loan company's stock even as the quarterly numbers were weak.
    At 11:23 am, the scrip was up 6.4 percent at Rs 108.2 on the BSE.
    On a consolidated basis, the gold financier’s net profit fell to Rs 282.1 crore in the reporting quarter from Rs 436.53 crore a year ago.
    Total revenue from operations during the June quarter came in at Rs 1,501.98 crore as compared to Rs 1,563.30 crore in the corresponding period last year.
    CLSA has hiked the target price to Rs 130, which means a 19 percent upside from today's high.
    Even as growth is sluggish, yields improve as teaser loans-any loan that offers a lower interest rate for a fixed amount of time as a purchase incentive-phase out while the pain continues in Asirvad Microfinance, CLSA said.
    Asirvad Microfinance is a subsidiary of Manappuram Finance. It provides microfinance loans to women from poor and low-income households through its network of branches across 22 States in India.
    The foreign brokerage firm has upgraded its estimates by 4-7 percent.
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