Manappuram Finance rallies 8% in two days, trades near record high

For the first half (April-September) of financial year 2019-20, the company reported a strong 60 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 671 crore.

Shares of Manappuram Finance moved higher by 2 per cent to Rs 170 on Thursday, inching towards its all-time high level on the BSE. The stock of non-banking finance company (NBFC) was trading close to its record high of Rs 174 touched on November 4, 2019. It rallied 8 per cent in the past two trading days on the back of heavy delivery-based volumes.

Till 01:35 pm, the trading volumes on the counter was almost double with a combined 5.9 million equity shares changing hands on the NSE and BSE.

Manappuram maintains significant capitalisation and strong profitability, tempered