India's Muthoot Microfin rises on strong business update

Muthoot Microfin

08/04/2024 10:26

** Shares of non-bank lender Muthoot Microfin  MUTO.NS  up
2.8% at 239.70 rupees, after rising as much as 5.6% earlier in
the session
    ** MUTO in its business update says its assets under
management expanded by 32% Y/Y to 121.94 bln rupees ($1.46 bln)
as of March 31
    ** Adds, disbursement surged by 32% Y/Y during FY 2023-24,
crossing highest ever disbursement in a single fiscal year
    ** Stock on track for a sixth consecutive session of gain,
if trend holds
    ** MUTO on Mar. 28 said it has raised $75 mln via external
commercial borrowing
    ** Stock has since gained ~20%
    ** Trading vol 1.1x 30-day daily avg

($1 = 83.3009 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))