Manappuram Finance gains after board approves NCD issue

Manappuram Finance rose 1.15% to Rs 184.50 after the NBFC's board approved raising upto Rs 500 crore through non-convertible debentures.

A special committee of the board of directors of Manappuram Finance on 28 July 2020 approved the issuance of the private placement of rated, secured, redeemable non-convertible debentures having face value of Rs 10 lakh each for the amount of Rs 150 crore, with an option to retain over subscription up to Rs 350 crore, aggregating to Rs 500 crore.

On the technical front, the stock's RSI (relative strength index) stood at 76.983. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 148.87 and its 200-day moving average (DMA) placed at 150.10.

The company's net profit rose 43.6% to Rs 398.20 crore on 38.7% jump in total income to Rs 1,618.15 crore in Q4 March 2020 over Q4 March 2019.

Manappuram Finance is a gold loans offering non-banking financial company (NBFC), engaged in providing finance against used household gold ornaments.

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