Shares of Manappuram Finance and Muthoot Finance soared on Thursday after latest draft report by RBI on gold.
Manappuram Finance shares zoomed 17.46% to Rs 39.75 while Muthoot Finance jumped 11% to Rs 233 on BSE at 10.25 am IST.
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
There is a need to thoroughly review the operational practices, transparent communication of loan terms by gold loans NBFCs.
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