Manappuram General Finance & Leasing Ltd has informed the Bombay Stock Exhange that the Company has reported a quantum jump in its gold loan business and it recently crossed the Rs. 6,000 crores landmark.
The Company’s total gold loan outstanding as on December 05, 2010 stood at Rs. 6,003 crores, having increased by Rs. 3,447 crores as compared to the level of Rs. 2,556 crores that prevailed on March 31, 2010.
Recently, CRISIL has enhanced the P1+ credit rating limit of the Company to cover its short term borrowings up to Rs. 2,000 crores. Earlier, in July of this year, CRISIL had assigned its highest rating of P1+ for the Company’s short term borrowings programme up to Rs. 1,000 crores.