Manappuram Finance surges 6% on positive guidance for FY24, Muthoot Finance gains almost 3%

In an interaction with CNBC-TV18, he said "These secured businesses are growing simultaneously with our Asirvad Microfinance subsidiary showing robust growth as well."

Asirvad Microfinance, a subsidiary of Manappuram Finance, plays a vital role in empowering women from low-income groups by providing them with loans to generate income and achieve financial stability.

To reduce the cyclicality in the gold loan segment, Manappuram Finance has diversified into non-gold segments, with the share of non-gold products in the firm's asset under management (AUM) mix increasing to 47% from 37% a year ago.

Nandakumar shed light on the recent performance, mentioning that while there was robust growth in the lender's assets under management in the second quarter, the loan share of gold declined slightly. He attributed this to the festive period, where customers tend to pay off their loans to reclaim their gold items from financiers, resulting in flat growth in gold loans for the quarter.

Meanwhile, Muthoot Microfin is set to launch its initial public offer (IPO) soon, with the price band fixed in the range of ₹277 to ₹291 per equity share of face value ₹10. The IPO's subscription is slated from December 18 to December 20, with the allocation to anchor investors scheduled for December 15.