Manappuram Finance glitters on good Q1 outcome

Manappuram Finance gained 2.49% at Rs 35.05 at 09:19 IST on BSE after net profit surged 46.3% to Rs 157.77 crore on 47% rise in total income to Rs 725.48 crore in Q1 June 2012 over Q1 June 2011.

The result was announced after market hours on Wednesday, 1 August 2012

Meanwhile, the BSE Sensex was down 16.21 points, or 0.09%, to 17,241.17

On BSE, 3.79 lakh shares were traded in the counter as against an average daily volume of 15.65 lakh shares in the past one quarter.

The stock hit a high of Rs 35.90 and a low of Rs 34.50 so far during the day. The stock had hit a 52-week high of Rs 67.10 on 14 November 2011. The stock had hit a 52-week low of Rs 18.60 on 10 May 2012.

The stock had outperformed the market over the past one month until 1 August 2012, rising 9.09% compared with the Sensex's 0.99% fall. The scrip had also outperformed the market in past one quarter, rising 14% as against 0.35% decline in the Sensex.

The small-cap non-banking financial services company has an equity capital of Rs 168.23 crore. Face value per share is Rs 2.

Manappuram Finance said it has revised its estimated useful life of office equipments from 20 years to 3 years. The change has resulted in additional depreciation of Rs 9.15 crore in Q1 June 2012.

Manappuram Finance is a leading national player in its core activity of gold loans.

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