 "Manappuram Finance hits fresh 52-week high on heavy volumes")
Manappuram Finance has soared 13% to Rs 55.15, its fresh 52-week high on the BSE, on back of heavy volume. The company on May 20 said that it will raise Rs 150 crore by issuing secured redeemable non-convertible debentures on private placement to institutional. The proposed allotment for the above issue will be on May 23, 2016, it added.
Since May 12, in past seven trading sessions, the stock has rallied 32% from Rs 41.90 as compared to 1.8% decline in the S&P BSE Sensex.
The company reported robust 87% year on year (YoY) growth in consolidated net profit at Rs 131 crore for the fourth quarter ended March 31, 2016 (Q4FY16), its highest ever quarterly profits post the change in regulatory regime. Net interest income (income from operations minus finance expenses) grew 45% to Rs 417 crore on YoY basis.
Antique Stock Broking said the strong performance was driven by lower auction losses on the back of product re-engineering. The brokerage house recommends ‘buy’ rating on the stock with target price of Rs 58.
Meanwhile at 12:11 am on Monday, the stock was up 10% at Rs 53.85 on the BSE as compared to 0.07% rise in the S&P BSE Sensex. A combined 10.01 million shares changed hands against an average sub 8 million shares that were traded daily in past two weeks on the BSE and NSE.
Since May 12, in past seven trading sessions, the stock has rallied 32% from Rs 41.90 as compared to 1.8% decline in the S&P BSE Sensex.
The company reported robust 87% year on year (YoY) growth in consolidated net profit at Rs 131 crore for the fourth quarter ended March 31, 2016 (Q4FY16), its highest ever quarterly profits post the change in regulatory regime. Net interest income (income from operations minus finance expenses) grew 45% to Rs 417 crore on YoY basis.
Antique Stock Broking said the strong performance was driven by lower auction losses on the back of product re-engineering. The brokerage house recommends ‘buy’ rating on the stock with target price of Rs 58.
Meanwhile at 12:11 am on Monday, the stock was up 10% at Rs 53.85 on the BSE as compared to 0.07% rise in the S&P BSE Sensex. A combined 10.01 million shares changed hands against an average sub 8 million shares that were traded daily in past two weeks on the BSE and NSE.
