Stock Market Today: Manappuram Finance share price gained 6% in the morning trades on Thursday. Company announced post market hours on Wednesday that the Reserve Bank of India is lifting curbs on a subsidiary Asirvad Micro Finance Ltd.
Manappuram Finance share price that opened at ₹188.80 on the BSE on Thursday, almost 5% higher than the previous close of ₹180.05. The Manappuram Finance share price thereafer gained further to intraday highs of ₹191.50, which translated in to gains of more than 6%
Manappuram Finance share price though has corrected significantly companred to 52-week or 1 year highs of ₹230.05 as the borader markets and benchmark ndces have corrected significantly too. While the Mannapuram share currently is trading lower than high, howver has seen smart gains of more than 32% since ints October Lows.
Manappuram Finance in its press release on the exchanges on Wednesday post market hours had said that “we are pleased to inform you that the Reserve Bank of India, vide its letter dated January 08, 2025, has lifted the restrictions imposed on Asirvad Micro Finance Limited with respect to sanction or disbursal of loans with immediate effect”.
As per the directives with reference to the order and press release issued by the Reserve Bank of India (“RBI”) on October 17, 2024, Mannapuram Fiance subsidiary company Asirvad Micro Finance Limited had been instructed to cease and desist from sanctioning or disbursing loans, effective from the close of business on October 21, 2024.
The restrictions thereaby being lifted in January’2025 have cheered the market and improve prospects of Mannapram Fiannce further. The impact on fiancials will be visible from ongoing quarter i.e Q4 that starts from January and ends in March’2025. Many analysts In Q3 had pared FY25 and 26 estimated Earnings Per Share estimates by 19% and 12% to factor in regulatory and sectoral challenges hurting credit traction and credit quality. However many as those at Elara Securities India Pvt Ltd had said that with material stock correction already in order, they had Accumulate ratings.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
