Muthoot Finance Q3 net up 7.6% at Rs 270 cr: stock up

Stocks

oi-Sneha

By Sneha B K

Published: Monday, January 14, 2013, 14:04 [IST]

Country's largest gold loan company Muthoot Finance Ltd today posted 7.6% growth in its net profit at Rs 270 crore for the third quarter ended December 31, 2012.

Total Income has increased from Rs 1,231 crore for the quarter ended December 31, 2011 to Rs 1,365 crore.

Shares of the company rose 4.72% to Rs 226 on BSE at 1.50 pm IST. It touched an intraday high of Rs 231.

Recently, the company shares rose 11% to Rs 233 after the RBI in its latest draft report said that banks may expand their gold jewellery loan portfolio to monetise the stocks of idle gold. Also, banks can continue their role as nominated agencies in gold imports.

Leverage of the gold loan NBFCs is not a cause for concern at the present juncture, going forward, there is a need for improving owned funds of the NBFCs, it further added.

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