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Morgan Stanley initiates coverage on Manappuram Finance and Muthoot Finance

videos | Dec 5, 2022 5:19 PM IST

Morgan Stanley initiates coverage on Manappuram Finance and Muthoot Finance

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Manappuram Finance looks better positioned than Muthoot Finance due to cyclicality and structurally. Morgan Stanley has initiated coverage on Manappuram Finance Ltd as well as Muthoot Finance. The firm also believes that valuation multiples are attractive for Manappuram.

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US investment bank and financial services company, Morgan Stanley, has initiated coverage on gold finance companies. The brokerage house has initiated coverage on Manappuram Finance and Muthoot Finance.
For Manappuram, the firm has an overweight rating with a target price of Rs 150 per share, which is an increase of about 25.6 percent compared to Friday's closing price.
On Muthoot Finance, Morgan Stanley has initiated an equal weight rating with a target price of Rs 1,150 which is an upside of 1.25 percent compared to Friday's closing price.
The brokerage firm believes that the gold lending business has been very good with a super-normal Return on Equity (ROE) but low growth has given the fact that there is competition from the banks.
So diversification is the way out. Manappuram Finance looks better positioned than Muthoot Finance due to cyclicality and structurally. The firm also believes that valuation multiples are also attractive for Manappuram.
Domestic gold prices were flat on Monday as the dollar moved negligibly after more Chinese cities relaxed COVID-19 restrictions over the weekend.
On MCX, the yellow metal prices remained steady after opening higher in early trade. The rates were unchanged at Rs 53,265 per 10 grams. Meanwhile, Silver prices were nearly a percent higher at Rs 65,624 per kg. Globally, gold prices hit a five-month high as the dollar edged lower.
For more, watch the accompanying video.
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