IIFL Finance shares rose 15.40 per cent to hit a high of Rs 408.75 on BSE. A total of 9.10 lakh IIFL Finance shares changed hands on the stock exchange against a two-week average of 3.10 lakh shares.
IIFL Finance shares rose 15.40 per cent to hit a high of Rs 408.75 on BSE. A total of 9.10 lakh IIFL Finance shares changed hands on the stock exchange against a two-week average of 3.10 lakh shares.
A total of 9.10 lakh IIFL Finance shares changed hands on BSE against a two-week average of 3.10 lakh shares. There were no other announcement by the NBFC on stock exchanges that could explain the strong price action.
The stock rose 15.40 per cent to hit a high of Rs 408.75 on BSE. In a post on X, strategist and investor Safir Anand said it was a good bounce back by IIFL Finance. He noted that many investors exited the stock on its recent fall.
Investing has become fast finger first, he said.
IIFL Finance recently said it has received approval from NSE (National Stock Exchange of India Ltd), to acquire equity shares aggregating up to Rs 284.40 crore in the stock exchange through an off market transfer from FIH Mauritius Investments.
IIFL Finance gained a significant share of 13 per cent in gold loans in the last few years, up 420 basis points over four years against 38 per cent for Muthoot Finance and 12 per cent for Manappuram Finance, Kotak noted in a report last month.
It said the recent ban on gold loan disbursements by IIFL Finance provides an opportunity for peers in the interim.
Motilal Oswal Securities in another note said the key risk for IIFL Finance is a sharper run-down in the gold loan portfolio and employee attrition if the ban remains in force for longer. In addition to this, it sees reputational damage that might necessitate renewed investments in building trust in its brand.
