Manappuram Finance Shares Drop 3 Percent Despite Q2 Net Profit Soaring Threefold

Shares of <b>Manappuram Finance</b> dropped around 3 percent on Friday after the company reported a consolidated net profit of Rs 701 crore for the July-September quarter, surging over three times from Rs 220 crore in the previous fiscal year. The gold loan provider's revenue from operations jumped 48 percent year-on-year to Rs 3,362 crore during the quarter. Meanwhile, global brokerage <b>Jefferies</b> maintained its 'Buy' rating on the stock while reducing its target price to Rs 400 from Rs 430. The company noted strong asset growth and higher net interest income during the period.