Buzzing stock: Manappuram Finance dips today after surging by 11 percent on Monday

On Monday, foreign fund house Quinag Acquisition bought 1.51 crore equity shares of Manappuram Finance for over Rs 143 crore. Hence, post this deal, Quinag Acquisition has 1.79% stake in the said non-banking finance company (NBFC).

This bulk deal data was made available by the BSE yesterday. According to the data, the shares were acquired at an average price of Rs 94.73, valuing the deal at Rs 143.04 crore. On Monday, the stock opened at a price of Rs 85.10 and closed at the intra-day high of Rs 94.55. The stock has shown an upside of 11.1%. Today it opened at Rs 97.70 and dipped to intra-day low of Rs 90.60 in the morning session.

CARE Ratings has upgraded the long-term credit rating of the company from CARE AA- to CARE AA. In July, Brickwork Ratings had also upgraded the long-term credit rating from BWR AA- to BWR AA.

Manappuram Finance Ltd. is an NBFC engaged in the business of lending against used household gold jewellery. It has also diversified into areas like home finance, microfinance, vehicle loans, SME lending, and insurance broking.