Manappuram Finance gains on diversification plans

Manappuram Finance rose 1.17% to Rs 30.15 at 9:44 IST on BSE after the company said its board will meet on 23 September 2014, to consider the diversification of business into micro finance and financing of commercial vehicles.

The announcement was made after market hours on Thursday, 18 September 2014.

Meanwhile, the BSE Sensex was down 24.73 points, or 0.09%, to 27,087.48.

On BSE, so far 4.91 lakh shares were traded in the counter, compared with an average volume of 11.71 lakh shares in the past one quarter.

The stock hit a high of Rs 30.85 and a low of Rs 30.15 so far during the day. The stock hit a 52-week high of Rs 31.35 on 18 September 2014. The stock hit a 52-week low of Rs 14.05 on 7 January 2014.

The stock had outperformed the market over the past one month till 18 September 2014, rising 35.45% compared with 2.73% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.62% as against Sensex's 7.39% rise.

The small-cap company has an equity capital of Rs 168.24 crore. Face value per share is Rs 2.

Net profit of Manappuram Finance declined 16.80% to Rs 43.99 crore on 21.70% decline in net sales to Rs 452.96 crore in Q1 June 2014 over Q1 June 2013.

Manappuram Finance is a leading non-banking financial company (NBFC), providing finance against household gold ornament.

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