Manappuram Finance hits over five-year high on credit rating upgrade

Monday, July 04, 2016
Mumbai: Manappuram Finance was trading higher by 3% to Rs 74.25, its highest level since January 2011 on the BSE, after rating agency CRISIL upgraded its rating on the long-term bank facility and non-convertible debentures, while reaffirming the rating on short-term debt of the company.

The upgrade reflects improvement in business risk profile driven by changed business model, and stable operating environment backed by an established regulatory regime. The rating upgrade also factors in the company's strong earnings profile, CRISIL said in a release.
The rating agency believes Manappuram Finance will continue to benefit over the medium term from its adequate capitalization and strong earnings profile, it added.

Till 09:32 AM, a combined 1.61 million shares changed hands on the counter on the BSE and NSE.