Manappuram Finance shares surged by nearly 6 percent in early trades on November 29. The rise is attributed to Indian gold prices hitting an all-time high, surpassing Rs 62,800 per 10 grams. At the time of writing, the stock was trading at Rs 160.20.
Manappuram Finance, a gold finance company, benefits from the boost in gold prices. In Q2FY24, the company reported a 36 % YoY growth in net profit, reaching Rs 560.65 crore.
Net interest income for the July-September quarter rose by 25.6 % YoY to Rs 1,467.3 crore, as per available data. In the previous fiscal, the net profit was Rs 409.49 crore, and the net interest income was Rs 1,377.9 crore.
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