Manappuram Finance surges 14% after huge block deals

STOCK MARKET - Manappuram Finance has moved higher by 14% to Rs 96.75 on BSE, after a more 5% of total equity of the company changed hands via multiple block deals.

Till 02:46 pm; a combined 76.12 million shares representing 9% of total equity capital of Manappuram Finance have changed hands on NSE and BSE.

The name of buyers and sellers were not ascertained immediately.

On August 14, Manappuram Finance announced that the rating agency CARE Ratings upgraded the long-term credit rating of the company to CARE AA (double A) stable from CARE AA- (double A minus) stable. The revised credit rating applies to the Rs 5,680 crore long term bank facilities of the company and its NCD issues aggregating to Rs 580 crore.

A  press release issued by CARE Ratings said that the revision in the long term rating factors in the significant improvement in financial performance of the company during FY17, primarily supported by its focus on shorter tenure loans leading to lesser under recovery. The profitability in FY17 is also aided by growth in AUM and decline in the cost of borrowings in trend with industry.

GET LIVE UPDATES ON MARKET