Also Read: Loans may grow 8-9% post rise in lending limit: Manappuram
"The revision in rating outlook on Icra-rated gold loan companies factors in the regulatory policy change announced by RBI and reduction in their risk profile," Icra said in a note. The Reserve Bank last week increased the loan-to-value (LTV) ratios back to the original level of 75 percent from 60 percent, following the steep fall in gold prices.
The rating agency said increase in LTV ratios signals a"potential stabilisation" in the regulatory landscape which can increase lender comfort. Apart from the change in the regulatory stance, Icra said the reduction in delinquencies for the two companies from thepeak levels of March-April 2013 as a result of focus onrecovery efforts was also instrumental in the revision in the outlook.
The agency said it expects both Manappuram and Muthoot Finance to report better returns on equities medium-term on an improvement in the margins and portfolio growth. The Manappuram scrip was trading 4.50 percent up at Rs 20.90 a piece, while Muthoot's shares were trading 0.33 percent up at Rs 137.15 on the BSE, whose 30-share benchmark wasup 1.18 percent at 1522 hrs.
Muthoot Finance stock price
On January 15, 2014, Muthoot Finance closed at Rs 137.50, up Rs 0.80, or 0.59 percent. The 52-week high of the share was Rs 231.40 and the 52-week low was Rs 73.60.
The company's trailing 12-month (TTM) EPS was at Rs 24.08 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 5.71. The latest book value of the company is Rs 100.50 per share. At current value, the price-to-book value of the company is 1.37.
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