Manappuram Finance's shine has returned due to the record price of gold. On Tuesday, Manappuram Finance share price has reached 133.40 per share on NSE. Manappuram Finance's share price has reached this for the first time in 52 weeks. In the stock market today, the shares of Manappuram Finance opened with gains and in a few minutes it rose up to 4 percent.
Let us tell you, gold prices in India have reached their highest level till now. Because of which the stock of Manappuram Finance has seen a boom. In such a situation, what is the opinion of the expert, let us know…
The rising price of gold is the reason
According to the experts of the stock market, the shares of Manappuram Finance are seeing a boom these days due to the rise in gold prices. He believes that in the quarter from January to March 2023, gold prices have increased by 8 percent, due to which the business of the finance company is expected to increase. Experts say that the price of Manappuram stock is at a height and it can breakout at the level of Rs 137. At the same time, it can go up to Rs 155 per share in one to three months.
Experts said this
According to Avinash Gorakshkar, Head of Research, Profitmart Securities, the price of gold has increased since the beginning of the year 2023, due to which Manappuram Finance will get its benefit. He further said that gold prices are high right now. At the same time, it has increased by about 8 percent in the quarter from January to March 2023, while its price has increased by about 15 percent in the financial year 2022-2023.
Other experts also believe that as the prices of gold rise. Many finance companies like Manappuram, Muthoot will be benefited. His stock will jump. At the same time, an increase in the prices of gold can be seen in the coming times.
This is the condition of gold
On Tuesday, gold was seen trading fast on the Multi Commodity Exchange. The price of gold on MCX is Rs 60,542 per 10 grams. At the same time, silver is Rs 74,955 per kg with a jump of Rs 632.
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