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Shares of Manappuram Finance surged to 3-1/2-month high on Q3 results.
The stock jumped as much as 12.8 per cent to Rs 105 rupees, highest since October 25, 2016.
The company’s December-quarter profit has doubled to Rs 203 crore ($30.31 million).
Research firm Daiwa Capital Markets has upgraded the stock’s rating to “buy” from “outperform’’, and has raised the target price to Rs 130 from Rs 115.
Daiwa expects the company’s profitability to remain strong due to stricter guidelines on gold loans and micro-finance businesses.
Over 11 million shares changed hands in the first 30 minutes of trade, more than the 30-day average of 4 million shares.
The stock recorded its biggest intraday percentage jump since July 4, 2016($1 = 66.9825 Indian rupees).
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