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Yellow metal in the spotlight, should you look at gold-financing NBFCs?

While the performance of Muthoot has been subdued and Manappuram disappointing, we have reasons to believe that Muthoot being primarily gold financing entity, should reap the benefits of rising gold prices and rural recovery

March 30, 2022 / 04:31 PM IST
Yellow metal in the spotlight, should you look at gold-financing NBFCs?

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

In the past four months, gold prices have rallied by close to 10 percent, but defying conventional wisdom, gold financing NBFCs like Muthoot Finance (CMP: Rs 1,292 Market Cap: Rs 51,841 crore) and Manappuram Finance (CMP: Rs 114 Market Cap: Rs 9,691 crore) have corrected in this period and have underperformed the benchmark Nifty by a wide margin. Are the markets missing something or they are justified in punishing the gold financing NBFCs given their chequered show in recent...

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