Manappuram Finance rises on value buying; has dropped over 43% YTD

Manappuram Finance advanced 1.35% to Rs 93.550 amid some bit of value buying.

The stock had declined 8.11% in the past four sessions to end at Rs 92.300 yesterday, from its recent closing high of Rs 100.450 recorded on 20 September 2022.

On a year-to-date (YTD) basis, the stock has fallen 43.26% while the benchmark Sensex has lost 1.56% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 34.049. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily charts, however, the stock is trading below its 50-day, 100-day and 200-day simple moving averages (SMA) placed at 101.119, 96.977 and 118.050, respectively.

In an exchange filing made during market hours today, Manappuram 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 the Kerala-based gold loan provider may consider and approve issuances of Debt Securities during the month of October 2022, subject to necessary terms and conditions.

Manappuram Finance is one of India's leading gold loan NBFCs.

The NBFC's consolidated net profit tumbled 35.4% to Rs 282.08 crore on 4.5% decline in total income to Rs 1,502.73 crore in Q1 FY23 over Q1 FY22.

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