Muthoot Finance in trade on Thursday (June 18, 2020) surged as much as 9.5% to a record high of Rs. 1095 per share on the BSE. The stock on the NSE hit a high of Rs. 1094.7.
The surge comes after the gold financing company on Wednesday reported a 51% jump in consolidated net profit at Rs. 3169 crore for the fiscal year 2020.
Also, its loans or assets under management also rose to Rs. 46,871 crore. And as per the company's management all of the branches of the lender are now functional after the lockdown has been lifted for financiers.
The Kerala-based company is looking to grow its gold loan business by about 15 per cent in the fiscal year that started in April, as small traders and MSMEs are opting for gold loans to restart their businesses, said managing director George Alexander Muthoot to a leading business channel.
At 9:53 am, the stock of Muthoot Finance trades higher by 8.28% or Rs. 82.8 at Rs. 1083.00 per share on the BSE.