Manappuram Finance is currently trading at Rs. 55.30, up by 0.75 points or 1.37% from its previous closing of Rs. 54.55 on the BSE.
The scrip opened at Rs. 55.95 and has touched a high and low of Rs. 56.70 and Rs. 55.05 respectively. So far 25524 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 78.00 on 29-Dec-2010 and a 52 week low of Rs. 41.85 on 26-Aug-2011.
Last one week high and low of the scrip stood at Rs. 60.35 and Rs. 52.55 respectively. The current market cap of the company is Rs. 4588.22 crore.
The promoters holding in the company stood at 36.60% while Institutions and Non-Institutions held 33.16% and 30.24% respectively.
Despite a rise in borrowing cost, Manappuram Finance, a pure-play gold loan player, is hopeful of maintaining its net interest margin (NIM) at around 13 percent in the current fiscal. Since the higher cost is partially passed on to consumers, the company’s margin is not under pressure.
The company’s current cost of borrowing is around 12.5 percent on an average. The yield on advances for the Kerala-based gold finance company varies from around 22 to 25 percent. To support its business growth, Manappuram Finance may raise around Rs 500 crore of debt through a public offer or private placement in the last quarter.
The company expects the gold prices to rise further in an uncertain economic environment as gold appears to be safe haven investment option for investors. Gold prices are now hovering around Rs 28,000 per 10 gram, a 30 percent rise over the past one year. In the fiscal, Manappuram plans to grow its loan book by around 34 percent to Rs 12,000 crore from Rs 9,000 crore disbursed in the June quarter.
Manappuram Finance is one of the largest gold loan companies in India operating from Valapad, Kerala.
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