Manappuram Finance wins on the purchase of value
Manappuram Finance rose 1.73% to Rs 167.50, amid a bit of value buying.
The stock had fallen 13.27% in seven sessions to end at Rs 164.65 on the NSE yesterday, from its recent closing high of Rs 189.85 recorded on November 17, 2021.
Over the past six months, the stock has risen 7% while the benchmark Sensex has added 12.34% over the same period.
Technically, the stock’s RSI (Relative Strength Index) came in at 31.806. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.
The stock was trading below its 50-day, 100-day, and 200-day moving average (DMA) placed at 189.340, 184.536 and 172.590, respectively.
In an exchange deposit made during market hours today, the gold financier said he was considering various options for raising funds through borrowing, including through the issuance of various debt instruments on the onshore / offshore securities market by public issuance, on the basis of a private placement or by the issuance of commercial papers.
Depending on the prevailing market conditions, the board of directors of Manappuram Finance may consider and approve debt securities issues during the month of December 2021.
Manappuram Finance is a non-bank gold loan finance company engaged in financing against used household gold ornaments.
The company’s consolidated slippage fell 8.8% to Rs 369.88 crore on a 1.5% drop in total income to Rs 1,554.42 crore in the second quarter of September 2021 compared to the second quarter of September 2020.
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