Transrail Lighting's IPO, valued at Rs 839 crore, was fully subscribed by Day 2, with a listing set for December 27. Meanwhile, the stock market faced significant losses, with the SENSEX plunging over 900 points, driven by declines in IT stocks and profit booking in Mobikwik shares after a recent rally. Other IPOs, including Mamata Machinery and Concord Enviro Systems, showed strong subscription rates, reflecting robust investor interest.
Geojit Financial Services has downgraded Manappuram Finance to 'SELL' with a target price of Rs. 152, citing medium-term pressures and the RBI's halt on Asirvad's operations, which impacts its microfinance and gold loan branches. Despite a 20% YoY growth in Net Interest Income to Rs. 1,635cr, the company's PAT growth was limited to 2% YoY at Rs. 572cr due to a significant rise in credit costs.
Experts indicate that the Reserve Bank of India's revised forecasts for inflation and GDP growth reduce the likelihood of a rate cut in the upcoming February MPC meeting. With a higher CPI projection and a downward revision of GDP growth by 60 basis points for FY2024-25, the central bank is expected to begin easing rates from April 2025, addressing growth concerns amid ongoing geopolitical and economic uncertainties.
Bain Capital's pursuit of a controlling stake in Manappuram Finance is encountering delays due to disagreements over transaction terms with the company's promoters. While Bain is primarily interested in acquiring the gold loan portfolio, other banks and NBFCs are also showing interest as negotiations stall. The promoters, led by VP Nandakumar, hold a 35.25% stake and discussions for a stake sale began in early November.
Manappuram Finance reported a surprising 2% increase in consolidated net profit for Q2, reaching Rs 571 crore, surpassing analysts' expectations of Rs 531 crore. The growth was driven by a strong performance in the gold loan segment, fueled by record-high domestic gold prices during the quarter.
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