Volumes jump at Muthoot Finance counter

Manappuram Finance, Infosys, Tech Mahindra and Dr Reddy's Laboratories are among the other stocks to see a surge in volumes on BSE today, 10 January 2014.

Muthoot Finance clocked volume of 16.47 lakh shares by 13:36 IST on BSE, a 17.82-times surge over two-week average daily volume of 92,000 shares. The stock surged 14.33% to Rs 147.60.

Manappuram Finance notched up volume of 63.83 lakh shares, a 6.32-fold surge over two-week average daily volume of 10.09 lakh shares. The stock spurted 18.18% to Rs 21.45.

Muthoot Finance and Manappuram Finance extended Thursday's gains triggered by Reserve Bank of India (RBI) on Wednesday, 8 January 2014, relaxing norms for non-banking finance companies' (NBFCs) lending against gold jewellery.

The central bank on Wednesday, 8 January 2014, hiked loan-to-value ratio (LTV) to up to 75% for loans against the collateral of gold jewellery from 60% with immediate effect.

Infosys saw volume of 3.69 lakh shares, a 6.23-fold surge over two-week average daily volume of 59,000 shares. The stock rose 2.95% at Rs 3,552.70 after consolidated net profit jumped 19.4% to Rs 2875 crore on 0.5% increase in revenues to Rs 13026 crore in Q3 December 2013 over Q2 September 2013. The results are as per International Financial Reporting Standards (IFRS). The strong sequential growth in the company's bottom line was due to base effect - Infosys' bottom line in Q2 September 2013 was hit adversely due to a provision of Rs 219 crore during that quarter for one-off visa costs.

Tech Mahindra clocked volume of 1.08 lakh shares, a 2.46-fold surge over two-week average daily volume of 44,000 shares. The stock rose 3.22% at Rs 1,886.

Dr Reddy's Laboratories saw volume of 22,000 shares, a 2.08-fold rise over two-week average daily volume of 11,000 shares. The stock rose 1.25% at Rs 2,620.25.

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