Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 29.5 points or 0.25 percent. Nifty futures were trading around 11,756-level on the Singaporean Exchange.
Under this, Muthoot Finance will give unsecured loans of Rs 1-10 lakh at an interest rate of 13.5-23 percent to salaried class only.
Muthoot Finance consolidated loan assets under management achieved an year-on-year increase of 20 per cent at Rs 38,304 crore as against last year's Rs 31,921 crore, the group said in a statement.
Prior to joining Peerless, Shastri was the Director & Business Head – Portfolio Management Services and Products at Pramerica Mutual Fund.
Net Sales are expected to increase by 3.2 percent Y-o-Y (up 1.2 percent Q-o-Q) to Rs. 1,107.1 crore, according to Motilal Oswal.
Net Interest Income (NII) is expected to increase by 5.4 percent Y-o-Y (up 3.4 percent Q-o-Q) to Rs. 1,130.7 crore, according to Kotak.
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 19 points or 0.18 percent. Nifty futures were trading around 10,794-level on the Singaporean Exchange.
Muthoot Finance has given a breakout from a falling trend line
Muthoot Finance is set to wriggle itself free from a bear trap offering a good bounce.
The base size of the issue of Rs 100 crore, with an option to retain oversubscription up to Rs 650 crore.
The Nifty50 is currently consolidating in a narrow range and is likely to witness a range breakout soon. Such formation are usually witness before any key events.
Net Interest Income (NII) is expected to increase by 3.8 percent Y-o-Y (down 0.2 percent Q-o-Q) to Rs. 1,093.5 crore, according to Kotak.
For the index to move higher, Nifty50 has to climb above 10,870-10,950, while on the downside, a break below 10,733 could result in further profit booking.
During the week, the Nifty made a low of 10,536 but recovered swiftly to come near the vicinity of its vital highest Call strike of 11,000
74 stocks have hit new 52-week low including names like Ashapura Intimates, Balkrishna Industries, Coal India, Deepak Fertilizers, GPT Infraprojects, HT Media and IL&FS Transportation Networks among others.
Assets under management grew by 21 percent year-on-year to Rs 35,956 crore as of September 2018.
Muthoot Finance had approached the regulator for AMC licence in March last year
Total income increased by 19 percent at Rs 1,633 crore in April-June 2018-19 as against Rs 1,377 crore in the year ago June quarter.
Investors need to keep in mind that in the absence of a re-rating in the valuation multiple, long-term performance will largely track earnings growth.
We recommend selling Muthoot Finance for the downside target of Rs 350, with a stop loss at Rs 395.
Edelweiss is bullish on Muthoot Finance has recommended buy rating on the stock with a target price of Rs 568 in its research report dated May 16, 2018.
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