Shares of IIFL Finance rose 12% in early deals on Friday after the firm said the Reserve Bank of India(RBI) has lifted restrictions imposed on the company’s gold loan business. IIFL Finance stock surged 12.33% to Rs 555.25 against the previous close of Rs 494.30. Market cap of the firm climbed to Rs 22,972 crore.
In a year, the stock has fallen 3 per cent. Total 8.62 lakh shares changed hands amounting to a turnover of Rs 47.45 crore on BSE on Friday.
In terms of technicals, the relative strength index (RSI) of IIFL Finance stands at 56.4, signaling it’s trading neither in the oversold nor in the overbought zone. IIFL Finance shares are trading higher than the 5 day, 10 day, 50 day, 100 day and 200 day moving averages.
IIFL Finance stock has a one-year beta of 1.1, indicating high volatility during the period.
“RBI, through its communication dated September 19, 2024, has lifted the restrictions imposed on the gold loan business of the company. The RBI’s decision is effective immediately and allows the Company to resume the sanctioning, disbursal, assignment, securitisation, and sale of gold loans in compliance with all relevant laws and regulations,” said IIFL Finance in a stock exchange filing.
“The company is committed to upholding the highest standards of compliance and will continue to ensure that the remedial actions taken are sustained,” added IIFL Finance.
RBI had imposed the restrictions on March 4, 2024.
IIFL Finance is among the leading retail-focused diversified NBFCs in India, engaged in the business of loans and mortgages along with its subsidiaries – IIFL Home Finance and IIFL Samasta Finance.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
This post was originally published on here
