Manappuram Finance stocks gain 6% as gold prices reach all-time high

Analysts at Morgan Stanley have also given the stock an overweight call with a target price of Rs 200.

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Shares of Manappuram Finance gained nearly 6 percent during early trades on November 29 as Indian gold prices reach an all time high. At 10:16 am, the stock was trading at Rs 160.40.

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Gold prices reached an all time high above Rs 62,800 per 10 grams at open on November 29 giving a boost to stocks of gold finance company Manappuram Finance.

Analysts at Morgan Stanley have also given the stock  an overweight call with a target price of Rs 200. In a recent meeting with analysts, according to Morgan Stanley, the company reiterated guidance for 20 percent loan growth and 20 percent ROE in FY2024, driven by non-gold businesses. For gold loans, they guided for 8 percent growth in FY2024 with a focus on maintaining yields at 21-22 percent.

The brokerage added that on non-gold non-MFI business underwriting quality, the  management is confident about keeping credit costs at 1-1.5 percent.

In Q2FY24, Gold loan lender -Manappuram Finance reported a 36 percent year-on-year growth in net profit to Rs 560.65 crore from Rs 409.49 crore in the previous fiscal. net interest income of the company in the July-September quarter rose 25.6 percent on-year to Rs 1,467.3 crore, from Rs 1,377.9 crore in a year ago period.

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