Manappuram Finance gains 1% ahead of Board Meet to consider NCD issue

Shares of Manappuram Finance gained over a percent in the morning trade as investors bet on the stock ahead of its Board Meeting.

The company’s Board will be meeting on June 14 in a bid to consider issuance of non-convertible debentures (NCDs) on a private placement basis.

It was in the news recently after it declared its financial results. The company reported a fall of 9.2 percent in its net profit at Rs 182.17 crore in the last quarter ended March 2018. The company had registered a net profit of Rs 200.58 crore in the same quarter of the preceding fiscal.

Total income during March quarter of 2017-18 also fell to Rs 901.19 crore as against Rs 905.50 crore in the similar period of 2016-17, the company said in a regulatory filing.

On yearly basis, net profit fell to Rs 670.89 crore from Rs 755.85 crore in year ended March 2017. Income for the year came down at Rs 3,476.56 crore from Rs 3,408.91 crore.

The stock has fallen around 12 percent in the past one month, while in the past three days, it has risen a little over half a percent. At 09:35 hrs Manappuram Finance was quoting at Rs 107.85, up Rs 1.15, or 1.08 percent, on the BSE. It has touched an intraday high of Rs 108.30 and an intraday low of Rs 107.25.