Manappuram Finance extends rally, soars 43% in four days

The stock is outperforming the market by surging 43% in past four days, compared to 0.26% fall in the benchmark Sensex

Manappuram Finance has surged almost 9% to Rs 32.90 in noon trades extending its past three days gain, on back of over two-fold jump in trading volumes. 

As many as a combined 25.05 million shares representing 4.3% of free-float equity of the company have changed hands on the counter so far, against an average 9 million shares that were traded daily in past ten trading days on the NSE and BSE.

The stock of the gold finance firm has outperforming the market by surging 43% in past four days, compared to 0.26% fall in the benchmark Sensex, after private equity firm Baring India has picked up 5.94% stake in the company for an estimated Rs 136 crore.

Baring India holds stake in Manappuram through its two investment vehicles, Baring India Private Equity Fund II and III. Post-acquisition, Baring Fund II holds 1.48% in the company, while Baring Fund III holds 4.46%.