Pursuits
Gold-Loan Companies Surge on Central Bank Report: Mumbai Mover
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Manappuram Finance Ltd. surged the most in more than two years and Muthoot Finance Ltd. rallied to a record after a central bank report eased uncertainty about Indian gold-loan companies’ business.
Asset quality, bad loans, capital adequacy and borrowing sources of these companies aren’t a cause for concern, a panel set up by the Reserve Bank of India said in a report released after markets closed yesterday. Manappuram soared by the 20 percent limit, the steepest climb since August 2010, to 40.60 rupees at the 3:30 p.m. close in Mumbai. Muthoot jumped 9.7 percent to a record 230.20 rupees.