Early trade today witnessed a flurry of activity in the shares of Manappuram, with multiple block trades making waves in the market. A substantial sum of Rs 1,404.92 crore, representing 11.69 percent of the company's equity, changed hands in these transactions. Notably, a single block worth Rs 1,188.81 crore, accounting for a 9.9 percent stake, was a prominent part of this significant equity exchange.

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The transactions were executed at a per-share price of Rs 141.85. Current shareholding records reveal that Quinag Acquisitions (FPI) Ltd (Apex) now commands a substantial 9.9 percent stake in Manappuram as of June 2023. In the days leading up to this significant equity exchange, there had been a buzz in the market regarding the impending block trades. Such anticipation underscores the market's watchful eye on pivotal events that can potentially influence the trajectory of a company's growth and its valuation in the market.

In today’s session, the shares of Manappuram are down nearly 3 percent. The share price at this point is slightly above the price at which the blocks were executed.

In the first quarter of this fiscal, the company reported earnings better than expectations with total assets under management rising nearly 21 percent year-on-year and 5 percent on a sequential basis. The core business, that is Gold loan, saw a healthy growth of more than 4 percent in its AUM on a sequential basis. On the bottom line, the company saw a growth of 85 percent and on the top line (NII), it saw a rise of 38 percent year-on-year.

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(Edited by : Vivek Dubey)

First Published:Aug 24, 2023 12:11 PM IST