Kerala High Court rejects FIR against Manappuram Finance’s promoter, stock climbs over 3%
Meanwhile, on Friday, June 16, the Reserve Bank of India (RBI) imposed a Rs 20 lakh penalty on Manappuram Finance for non-compliance with certain provisions of the NBFC norms.
Shares of Kerala-based non-banking financial company (NBFC) Manappuram Finance rose over 3 per cent in Monday’s trading session, June 19. The stock rose after the Kerala High Court rejected the first information report (FIR) against the company’s promoter.
Meanwhile, on Friday, June 16, the Reserve Bank of India (RBI) imposed a Rs 20 lakh penalty on Manappuram Finance for non-compliance with certain provisions of the NBFC norms.
At 11:22 AM, shares of Manappuram Finance were up 1.52 per cent at Rs 127.10 apiece on the BSE. Manappuram stock has gained over 7 per cent in the last two consecutive trading sessions. At the current market price, the stock traded nearly 5 per cent lower than its 52-week high of Rs 133.9 apiece. The stock closed at Rs 127.3 apiece, up 1.68 per cent.
Brokerages' views
IDBI Capital has given a ‘buy’ call on Manappuram Finance for a target price of Rs 148 apiece which translates to an upside of 16.4 per cent from the current market price. The brokerage believes that the company has the potential to report a return on assets above 3.5 per cent.
Systematrix has initiated a ‘buy’ call for a target price of Rs 155 apiece, which translates to an upside of 22 per cent from the current market price.
"We expect profitability to bounce back over FY23–25E and estimate it to contribute 24 per cent to its overall earnings, with collection efficiency stabilising and a revival in growth," the brokerage said in its report.
Manappuram share price history
So far in 2023, shares of Manappuram Finance have gained over 6 per cent against the Nifty’s rise of over 3 per cent. In one month, the scrip has risen over 14 per cent as compared to the headline index’s rise of over 3 per cent.
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