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Manappuram, Fusion, IIFL Finance, Repco Home shares fall up to 6% today; stock price targets

Business Today

Business Today · 5m ago

Manappuram Finance Ltd's shares fell by 6.4% to Rs 181.80 on the BSE. IIFL Finance saw a decline of 2.73%, dropping to a low of Rs 322.30. Similarly, Fusion Finance's shares decreased by 3.86%, reaching Rs 163 on the BSE. The stock market witnessed a downturn in these financial companies, reflecting fluctuations and investor responses to prevailing market conditions.

Related News

IIFL Home Finance to raise nearly ₹3,000 crore through bond issue: Report | Mint

Livemint

Livemint · 9m ago

IIFL Home Finance to raise nearly ₹3,000 crore through bond issue: Report | Mint

- IIFL Home Finance plans to raise approximately ₹3,000 crore through a public issue of bonds. - The lead managers for the bond issue are Trust Investment Advisors and IIFL Securities, both rated AA by Crisil and India Ratings. - The details of the bond issue have not been finalized yet. - IIFL Finance is aiming to raise ₹10,000 crore through debt between October and March to recover from the RBI's ban on issuing gold loans. - The RBI recently lifted the ban on IIFL Finance's gold loan business, resulting in a surge of over 12% in the company's shares. - HSBC upgraded IIFL Finance stock to 'hold' from 'reduce' after the RBI's decision, with a higher target price of ₹540, and increased its earnings per share estimates.

Muthoot Finance shares slip 14% in two sessions, here's why

Business Today

Business Today · 3m ago

Muthoot Finance shares slip 14% in two sessions, here's why

Muthoot Finance shares dropped 14% over two sessions, hitting an intra-day low of Rs 1964.35, from a previous close of Rs 2140.30 on the BSE. This decline is due to anticipated RBI guidelines for gold loans. The new regulations are expected to affect other gold financing entities like Manappuram Finance and IIFL Finance. RBI Governor Sanjay Malhotra announced forthcoming comprehensive draft guidelines to harmonize regulations for loans secured by gold jewellery.

IIFL Home's CEO Ratra on growth drivers, high cost of funds, IPO plans and more

VCCircle

VCCircle · 10m ago

IIFL Home's CEO Ratra on growth drivers, high cost of funds, IPO plans and more

IIFL Home Finance, a subsidiary of IIFL Finance, has experienced a 50% year-on-year increase in assets under management to Rs 35,975 crore in the first quarter of FY25. This growth follows the acquisition of a 20% stake in the company by the Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund. Monu Ratra, CEO of IIFL Home Finance, discusses the company's growth drivers, challenges related to high cost of funds, and potential IPO plans.

Grapevine: Bain, Manappuram Finance, Hornbill, Dhan, Sedemac in news

VCCircle

VCCircle · 5m ago

Grapevine: Bain, Manappuram Finance, Hornbill, Dhan, Sedemac in news

Bain Capital is negotiating to acquire a controlling stake in Manappuram Finance Ltd. Concurrently, Hornbill Capital is looking to invest in the stock trading platform Dhan. Additionally, Sedemac Mechatronics is preparing for a public offering, as reported by separate media sources.

ADIA-backed IIFL Home Finance taps another offshore investor for capital

VCCircle

VCCircle · 3m ago

ADIA-backed IIFL Home Finance taps another offshore investor for capital

IIFL Home Finance Ltd, supported by the Abu Dhabi Investment Authority (ADIA), is seeking fresh capital from an offshore investor to enhance lending to low-income households. ADIA acquired a 20% stake in the company in 2022. This move is part of IIFL Home Finance's strategy to expand its lending capabilities, aligning with its objective to cater more effectively to the needs of low-income borrowers.

IIFL Finance says Watsa's Fairfax to invest up to $200 mn in liquidity support

Livemint

Livemint · 1y ago

IIFL Finance says Watsa's Fairfax to invest up to $200 mn in liquidity support

IIFL Finance is set to receive a $200 million investment from Fairfax India as liquidity support after the Reserve Bank of India (RBI) barred the company from disbursing gold loans due to supervisory concerns. Fairfax India, which already holds a 15.1% stake in IIFL, has agreed to provide the investment subject to regulatory approvals. IIFL Finance reassured investors that there would be no significant impact on profitability in the near term, as the company had sufficient liquidity and would continue to recover dues from existing customers. However, analysts have downgraded their recommendation on IIFL Finance stock due to the potential impact of the RBI's restrictions.

Spotlight: What went wrong with Warburg-backed Fusion Finance as stock slumps

VCCircle

VCCircle · 9m ago

Spotlight: What went wrong with Warburg-backed Fusion Finance as stock slumps

Private equity firm Warburg Pincus invested in Indian microlending firm Fusion Finance in December 2018. However, the stock has recently slumped, and there are concerns about what went wrong. Devesh Sachdev, MD & CEO of Fusion Finance, has been under scrutiny due to the company's poor performance. Despite Warburg Pincus' initial investment facilitating Fusion's growth, there are questions about the firm's ability to deliver returns to its investors.

IIFL Securities enhances employee engagement with grant of 3,69,500 stock option

Livemint

Livemint · 1y ago

IIFL Securities enhances employee engagement with grant of 3,69,500 stock option

IIFL Securities has granted 3,69,500 stock options to its employees under the 'IIFL Securities Employee Stock Option Scheme - 2018'. The grant aligns with the company's strategy to foster employee ownership and dedication. The options are convertible into one equity share each and have an exercise price of Rs. 189.45. The vesting schedule is four years from the grant date, and the options can be exercised within seven years. The move demonstrates IIFL Securities' commitment to employee engagement and retention.

Gainers & Losers: Stocks that moved the most on September 24

Money Control

Money Control · 10m ago

Gainers & Losers: Stocks that moved the most on September 24

Indian equity indices closed on a flat note on September 24, with the Nifty crossing 26,000 for the first time. Reliance Power's stock surged after announcing a preferential issue of equity shares. Sapphire Foods, the operator of Pizza Hut and KFC, saw a surge in share price due to heavy volumes. Spandana Sphoorty Financial sold its stressed loan portfolio, while Firstsource Solutions acquired UK-based Ascensos. Metal stocks rose following China's central bank measures to boost the economy. Fusion Finance and PB Fintech saw a drop in stock price, while Punjab National Bank launched a Qualified Institutional Placement.

Fairfax-backed IIFL Finance to raise $152 mn via share sale amid ban on gold loans

VCCircle

VCCircle · 1y ago

Fairfax-backed IIFL Finance to raise $152 mn via share sale amid ban on gold loans

Indian non-bank lender IIFL Finance plans to raise INR 12.72 billion ($152 million) through a share sale, as it looks to strengthen its capital base following a recent ban on offering gold loans by the Reserve Bank of India. The company had previously announced plans for a rights issue worth INR 15 billion, but the final amount was not confirmed. IIFL Finance's stock has dropped 30% since the ban was imposed. The shares will be sold at a 29% discount to the last closing price of INR 300 each. Shareholders will receive one rights share for every nine shares they hold.

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