Monday 15 July 2013

Muthoot Finance surges on plans to turn 2,000 gold-loan outlets into bank branches

Muthoot Finance is currently trading at Rs 100.30, up by 5.30 points or 5.58% from its previous closing of Rs 95.00 on the BSE.

The scrip opened at Rs 96.00 and has touched a high and low of Rs 100.90 and Rs 95.90 respectively. So far 95945 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 246.00 on 03-Jan-2013 and a 52 week low of Rs 87.25 on 26-Jun-2013.

Last one week high and low of the scrip stood at Rs 100.90 and Rs 92.50 respectively. The current market cap of the company is Rs 3726.42 crore.

The promoters holding in the company stood at 80.12% while Institutions and Non-Institutions held 10.58% and 9.30% respectively.

Muthoot Finance, largest gold mortgage player is mulling to launch commercial lending business with as many as 2,000 branches, as it has applied for banking license. It has majority of its branches in tier 2,3 & 4 towns and they can be immediately converted into a full-fledged bank branches.

The company has over 4,200 gold loan outlets across 21 states and four Union territories, and employee strength of over 25,000 with a gold loan portfolio of over Rs 26,000 crore as of last fiscal.

Muthoot Finance is a non-deposit taking systemically important non-banking finance company (NBFC). It is primarily in the business of lending against used household gold jewellery to individuals.

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