Manappuram Finance gains nearly 6% on equity infusion in subsidiary cos

Shares of Manappuram Finance rose nearly 6 percent in the early trade on Muhurat trading day on the back of equity infusion in its subsidiary companies.

Board of Directors of the company approved equity infusion up to Rs 100 crore in its wholly owned subsidiary Manappuram Home Finance.

Also it approved equity infusion up to Rs 150 crore in another subsidiary Asirvad Micro Finance.

The company's Q2 net profit was up 39 percent at Rs 222.19 crore against Rs 159.80 crore in the same quarter last fiscal.

It declared an interim dividend of 55 paise per equity share of Rs 2 each.

At 17:40 hrs Manappuram Finance was quoting at Rs 87.00, up Rs 4.40, or 5.33 percent on the BSE.