Gold loan firms rally as prices of yellow metal jump

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Shares of the gold loan providers like Manappuram Finance Ltd and Muthoot Finance gained around 4-5 per cent each in the morning trade on BSE as gold prices rose to an all-time high on Tuesday following the free-fall in rupee.

At 10:55 hours, shares of Manappuram Finance were trading at Rs 17.03 a piece, up 0.83 per cent from previous close on BSE. The stock touched an intra-day high of Rs 17.73 on BSE.

In the similar fashion, shares of Muthoot Finance were trading at Rs 102.05 a piece, up 1.90 per cent from previous close on BSE. The stock touched an intra-day high of Rs 104.05 on BSE.

Gold prices on the domestic market rose to an all-time high of Rs 32,585 per 10 gram on Tuesday as investors turned towards the safe-haven investments following bloodbath in equity markets.

Dion Global Solutions Ltd.

Story first published: Wednesday, August 28, 2013, 12:21 [IST]
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