Business Daily from THE HINDU group of publications
Tuesday, Jan 15, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Jan 15, 2008 ePaper | Mobile/PDA Version |
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NBFCs Markets - Stocks Columns - Ear to the ground The stock of Manappuram General Finance and Leasing has been witnessing sharp surge of late. On Monday, the stock closed at its new peak at Rs 180.80; the stock jumped 13.5 per cent over a week’s time and Rs 57.22 per cent in month’s time. According to market men, the recent surge in gold price appears to have acted as a trigger as majority of the company’s loan to customers were against gold and most of them were short-term in nature. According to brokers, this augurs well for the company as it can confiscate physical gold on loan defaults. Gold rose to record levels in London as a declining dollar increased the demand for precious metals as alternative investments. Gold has gained 9.4 per cent this year, trading today at $914.30 an ounce for the first time, and the dollar is down more than 2 per cent against the euro. It may be recalled that recently the company raised funds worth Rs 70 crore from Sequoia Capital and India Equity Partners (through its investment vehicle Hudson Equity Holdings, Mauritius) K.S. Badri Narayanan More Stories on : NBFCs | Stocks | Ear to the ground | Gold & Silver
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