Manappuram Finance shares rally 6% on Q2 results, dividend announcement

Shares of Manappuram Finance Ltd spiked over 6 per cent at the fag end of Monday's session in a kneejerk reaction to its September quarter results. In a filing to BSE, Manappuram Finance said its profit for the quarter rose 36.91 per cent year-on-year (YoY) to Rs 560.65 crore compared with Rs 409.49 crore in the same quarter last year. Along with its quarterly results the Manappuram Finance board declared an interim dividend of 0.85 paisa per equity share. The gold loan company has fixed November 24 as record date to ascertain the entitlement of interim dividend among the shareholders and said the dividend/dividend warrants would be paid or dispatched on or before December 12.

Manappuram Finance's interest income for the quarter came in at Rs 1404.94 crore compared with Rs 1,238.03 crore YoY. Gold loan segment's revenue for the quarter stood at Rs 1,537.22 crore against Rs 1,297.88 crore in the same quarter last year. The segment revenue for micro finance stood at Rs 636.80 crore against Rs 1,416.33 crore YoY.

Following the results, the stock rose 6.36 per cent to hit a high of Rs 147 on BSE. It eventually settled the day at Rs 140.60, up 1.74 per cent.

Also read: Hot stocks on November 13: Canara Bank, Force Motors, Dilip Buildcon, Wockhardt, BHEL and more

Also read: Stock recommendations for November 13 2023: NDMC, Bharat Electronics & Lemon Tree

Also read: Servotech Power issues warrants of preferential basis; stock trades flat