Moneycontrol Bureau
Investors are excited about Manappuram Finance as the company is planning to foray into home finance segment. The stock jumped 7 percent in intraday trade on Thursday.
According to CNBC-TV18, the gold loan company is aiming to foray into home finance business in six months. It has already appointed merchant bankers to buy home finance operations, the company said.
“We are looking for into affordable housing segment. We are looking to get into that segment at the earliest. This diversification will help us in the medium to long term,” says the management of the company in an interview to CNBC-TV18.
Manappuram Finance will start secured lending to small and medium enterprises (SMEs) in six months.
At 13:49 hrs, the stock was quoting at Rs 16.05, up Rs 1.00, or 6.64 percent on the BSE. It was trading with volumes of 1,013,909 shares, compared to its five day average of 209,552 shares, an increase of 383.85 percent.
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