Muthoot Finance Shares Surge 10%, Hit Upper Circuit After Q1 Profit Zooms
Muthoot Finance stock rose as much as 10% to Rs 2,760 apiece on the NSE before it was locked in the upper circuit.
Shares of Muthoot Finance Ltd were up over 10% and locked in a circuit on the back of the notable zoom in profit that the company posted in the first quarter.
Muthoot Finance Ltd. reported a robust 73% rise in consolidated net profit in the first quarter of the current financial year. The company reported a bottom line of Rs 2,016 crore against Rs 1,164 crore in the year-ago period. The net interest income was up 43% to Rs 3,933 crore versus Rs 2,754 crore. While the impairment was down 11.7% to Rs 331 crore versus Rs 375 crore.
The upper price band for the counter is Rs 2,761, and the current share price is halted at Rs 2,760 apiece on the NSE.
Muthoot Finance Share Price
Muthoot Finance stock rose as much as 10% to Rs 2,760 apiece on the NSE before it was locked in the upper circuit. The 10% gains compared to a 0.06% advance in the benchmark Nifty 50 as of 9:30 a.m.
It has risen 51.99% in the last 12 months and 29.24% on a year-to-date basis. The total traded volume so far in the day stood at 201 times its 30-day average. The relative strength index was at 59.
Fifteen out of the 25 analysts tracking the company have a 'buy' rating on the stock, six recommend a 'hold', and four suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 2,674, implying a downside of 3%.
