Muthoot Finance share rises over 2% on board's nod to raise Rs 6,000 crore

Muthoot Finance share rose over 2% in trade today after the firm said its board has approved a proposal to raise up to Rs 6,000 crore by issuing non convertible debentures (NCDs).Muthoot Finance stock touched an intraday high of Rs 1,323.2, rising 2.01% on BSE.

The stock has risen 0.51% in 2 days. Muthoot Finance share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

In a year, the share has gained 42% and risen 7.14% since the beginning of this year. Market cap of the firm stood at Rs 52,060 crore. The funds would be raised by way of private placement of redeemable NCDs to be issued in one or more tranches as may be decided by the board or a committee thereof from time to time, the firm said in a BSE filing.

In Q3 of the current fiscal, the gold loan financing firm reported a 22 per cent jump in standalone profit after tax at Rs 991.4 crore against profit of Rs 815.2 crore in the year-ago period. On a consolidated basis, its profit after tax rose to Rs 1,006.7 crore from Rs 861 crore in the same quarter of the previous fiscal. Total income grew 20 per cent to Rs 2,777 crore from Rs 2,321 crore earlier.