Cholamandalam Investment firms up as board to mull QIP

Cholamandalam Investment and Finance Company rose 2.75% to Rs 307.9 after the company said its board will meet on 12 December 2019, to consider raising fund via qualified institutional placements (QIP).

In the proposed meeting, the board will also consider payment of interim dividend for the financial year ending 31 March 2020. The announcement was made during trading hours today, 9 December 2019.

On consolidated basis, Cholamandalam Investment and Finance Company's net profit rose 0.8% to Rs 306.97 crore in Q2 September 2019 over Q2 September 2018. Total income rose 31.2% to Rs 2197.01 crore on YoY basis.

The stock rose 12.93% in last three months compared with a 14.28% rise in the Nifty Financial Services index. The stock trades above its 50 and 200 day simple moving averages placed at 302.18 and 280.59, respectively.

Cholamandalam Investment and Finance Company is a diversified non-banking finance company engaged in providing vehicle finance, home loans and corporate mortgage loans, small and medium enterprises (SME) loans, investment advisory services, stock broking and a range of other financial services.

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