Manappuram Finance gains on value buying

Manappuram Finance rose 1.73% to Rs 167.50, amid some bit of value buying.

The stock had declined 13.27% in seven sessions to end at Rs 164.65 on the NSE yesterday, from its recent closing high of Rs 189.85 recorded on 17 November 2021.

In the past six months, the stock has added 7% while the benchmark Sensex has added 12.34% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 31.806. 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 below its 50-day, 100-day and 200-day moving average (DMA) placed at 189.340, 184.536 and 172.590, respectively.

In an exchange filing made during market hours today, the gold financier said that it is considering various options for raising funds through borrowings including by the way of issuance of various debt securities in onshore / offshore securities market by public issue, on private placement basis or through issuing commercial papers.

Based on the prevailing market conditions, the board of directors of Manappuram Finance may consider and approve issuances of debt securities during the month of December 2021.

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

The company's consolidated net profit fell 8.8% to Rs 369.88 crore on a 1.5% decline in total income to Rs 1,554.42 crore in Q2 September 2021 over Q2 September 2020.

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