MUTHOOTFIN

MUMBAI, March 20 (Reuters) - Muthoot Finance MUTT.NS, India's largest gold finance company, has accepted bids worth $250 million on the reissuance of its dollar-denominated bonds, two merchant bankers said on Thursday.

The firm will offer a yield of 6.6510% to the investors of the issue. Muthoot Finance received bids worth $740 million across investor categories as well as geographies.

In October, it raised $400 million through the sale of 6.3750% April 2029 bonds.

The proceeds from the reissue will be used for onward lending and other activities, the company said in a stock exchange filing on Wednesday.

It did not reply to a Reuters email seeking comment.

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

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** Shares of Muthoot Finance MUTT.NS rise about 4% to a record high of 2,423.50 rupees apiece

** Gold loan financier raises its fiscal year 2025 AUM growth guidance to 40% from 25%-30% earlier

** On Friday, MUTT informed the exchanges that its gold loan AUM crossed 1 trillion rupees ($11.6 billion)

** S&P Global Rating says MUTT will maintain its earnings over the next 12 months, upgrades credit rating to 'BB+/B' from 'BB/B'

** Rising demand for gold loans in both rural and urban markets has improved the outlook and spurred the earnings upgrade, managing director Alexander George Muthoot tells CNBC-TV18

** MUTT up 12.4% YTD, outperforming the 3% rise in financials .NIFTYFIN and 11.7% fall in midcaps .NIFMDCP100

($1 = 86.5160 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Muthoot Finance MUTT.NS rise as much as 5.1% to 2,308 rupees, set for best day in over a month

** Gold loan financier says gold loan assets under management (AUM) crossed 1 trln rupees ($11.5 bln) on March 13

** Over 700,000 shares traded as of 10:20 a.m. IST, over their 30-day moving avg of 690,005 shares

** Mean rating of stock is 'buy'; their median PT is 2,490.5 rupees - data compiled by LSEG

** MUTT last up 4.5%, adding to YTD gains of 2.8%

($1 = 86.8400 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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March 14 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• CROSSES 1 TRLN RUPEES GOLD LOAN AUM

Further company coverage: MUTT.NS

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** Muthoot Finance MUTT.NS falls 2.4% to 2,155.6 rupees; set to snap four-day winning streak

** CEO of co's unit, ex employee misappropriate 119.2 million rupees ($1.4 million) in gift cards from insurance cos meant for distribution to employees

** Says fraud has no financial impact on gold loans financier

** Projects notional rev loss of 312.8 mln rupees, representing estimated business that could have been generated had employees received the rewards

** Stock rated "buy" on avg, same as Shriram Finance SHMF.NS, while Manappuram Finance MNFL.NS rated "hold"; median PT on MUTT is 2,490.5 rupees, per data compiled by LSEG

** YTD, MUTT gains 2.9% vs SHMF, MNFL's 9%, 9.6% rise

($1 = 87.0300 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

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** Shares of Muthoot Finance MUTT.NS rise 2.4% to 2235 rupees, set to snap three-straight days of losses

** Gold loans financier gets the Reserve Bank of India's permission to open 115 new branches

** Avg. analysts' rating on the stock is "Buy" vs "Hold" on peer Manappuram Finance MNFL.NS; median PT on MUTT is 2490.5 rupees - LSEG data

** Stock up 4% so far this year, after a 45% jump last year

(Reporting by Aleef Jahan in Bengaluru)

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Feb 26 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• MUTHOOT FINANCE - RESERVE BANK OF INDIA GRANTED PERMISSION TO OPEN 115 NEW BRANCHES

Source text: ID:nBSE9mLQpQ

Further company coverage: MUTT.NS

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** Muthoot Finance MUTT.NS jumps as much as 7% to record high

** Stock last up 6%, snapping four sessions of declines

** India's largest gold-loan provider tops Q3 profit estimate on strong demand for gold loans

** Around 2 mln shares traded vs 30-day avg of ~428,000

** At least three analysts upgrade stock; 11 raise PT - LSEG

** Jefferies says co's Q3 "solid quarter"; raises TP to 2,615 rupees from 2,540 rupees

** Adds with limited loan losses, Muthoot should benefit from higher gold prices, recent interest rate cut

** MUTT rises 8% YTD

(Reporting by Hritam Mukherjee in Bengaluru)

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Feb 12 (Reuters) - Muthoot Finance MUTT.NS, India's largest gold-loan provider, reported a bigger-than-expected third-quarter profit on Wednesday, aided by strong loan demand.

The company's quarterly profit rose 33% to 13.63 billion rupees ($156.9 million) in the quarter ended December 31.

Analysts, on average, had estimated a profit of 13.22 billion rupees, according to data compiled by LSEG.

Gold prices hit multiple record highs during the quarter. This benefits gold financiers as higher prices mean one can get a bigger loan for the same amount of gold.

Additionally, analysts said that as unsecured lending continued to slow due to rising bad loans, people began shifting towards gold loans as an alternative source of funds.

Muthoot's standalone loan assets under management were 974.87 billion rupees as of December 31, higher by 37% year-on-year.

The company's interest income rose 40% to 43.69 billion rupees.

Smaller rival Manappuram Finance MNFL.NS will report its third-quarter results on Thursday.

Shares of Muthoot Finance ended 0.2% lower ahead of the results.

($1 = 86.8925 Indian rupees)

(Reporting by Nishit Navin in Bengaluru; Editing by Savio D'souza and Mrigank Dhaniwala)

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MUMBAI, Jan 30 (Reuters) - India's Muthoot Finance MUTT.NS accepts bids worth 17 billion rupees ($196.4 million) for bonds maturing in three years, three bankers said on Thursday.

The non-banking finance company will pay an annual coupon of 8.65% and had invited bids from bankers and investors earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 30:

*Size includes base plus greenshoe for some issues

($1 = 86.5770 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

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MUMBAI, Jan 29 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise up to 25 billion rupees ($288.8 million), including a greenshoe option of 12.50 billion rupees, through the sale of bonds maturing in three years, three bankers said on Wednesday.

The non-banking finance company will pay an annual coupon of 8.65% and has invited bids from bankers and investors on Thursday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 29:

*Size includes base plus greenshoe for some issues

($1 = 86.5750 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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MUMBAI, Jan 14 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise up to 5 billion rupees ($57.8 million) through the sale of bonds maturing in five years, three bankers said on Tuesday.

The non-banking finance company has invited bids from bankers and investors on Wednesday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 14:

*Size includes base plus greenshoe for some issues

($1 = 86.5300 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

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** Indian gold loan provider Muthoot Finance MUTT.NS surges 8% to 1,918 rupees after Q2 profit rose 26% y/y

** Stock on track for best day in 18 months, if trend holds

** Co also raised its gold loan forecast for FY25 to 25% from 15% earlier

** At least 11 brokerages hiked TPs on stock post results, while one cut TP - LSEG data

** Morgan Stanley hikes TP to 1,600 rupees from 1,430 rupees, ups rating to "equal-weight" from "underweight"

** Says change due to rising gold prices, while moderation in unsecured loans and microfinance aids MUTT's loan growth

** Adds structural concerns at co remain, while concerns regarding regulatory risks persist in light of cenbank's recent circular on gold loans

** MUTT up ~30% YTD

(Reporting by Manvi Pant in Bengaluru)

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Nov 14 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• MUTHOOT FINANCE Q2 PROFIT 12.51 BILLION RUPEES; IBES PROFIT EST. 12.58 BILLION RUPEES

• MUTHOOT FINANCE Q2 INTEREST INCOME 40.69 BILLION RUPEES

Source text: [ID:]

Further company coverage: MUTT.NS

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Oct 23 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• MUTHOOT FINANCE- APPROVES SETTLEMENT OF $400 MILLION SENION SECURED NOTES UNDER $2 BILLION GMTN PROGRAMME

Source text for Eikon: ID:nBSE3CFJP9

Further company coverage: MUTT.NS

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Oct 18 (Reuters) - Manappuram Finance's MNFL.NS shares slumped 16% on Friday, their biggest decline since March 2020, after the Indian central bank's lending restrictions on the company's unit triggered rating downgrades due to concerns over a potential hit to earnings.

The non-bank lender's shares fell as much as 18% to 145.42 rupees, their lowest in 10 months, before paring some losses.

The Reserve Bank of India (RBI) on Thursday barred four non-bank finance companies (NBFCs), including Manappuram's unit Asirvad Micro Finance, from sanctioning and disbursing loans due to "usurious" pricing and for charging a significant mark-up over their funding costs.

Asirvad contributes about 27% to Manappuram's consolidated assets under management (AUM), according to two brokerage estimates.

Brokerages including Morgan Stanley, Jefferies and Motilal Oswal downgraded their ratings on the stock and cut target prices after the RBI's move.

Manappuram, could see a rise in funding costs and may have to support Asirvad with funding, Morgan Stanley said in a note, downgrading the stock to "equal-weight" from "over-weight". It reduced its target price by 35% to 170 rupees.

"It (Manappuram) could also face loan growth moderation, tighter credit practices, and higher provisioning to give comfort to all stakeholders," Morgan Stanley analysts said.

Jefferies downgraded the stock to "hold" from "buy" and cut its target price by 38% to 167 rupees, saying a potential rise in defaults at Asirvad could hurt Manappuram's profit.

Asirvad is expected to see a 25% decline in AUM in 2025, Motilal Oswal said, downgrading the stock to "neutral" from "buy".

Manappuram shares are down 12% so far this year, compared to a 32% rise in rival Muthoot Finance MUTT.NS.

(Reporting by Dimpal Gulwani and Siddhi Nayak; Editing by Sonia Cheema)

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By Bhakti Tambe and Dharamraj Dhutia

MUMBAI, Oct 17 (Reuters) - India's Muthoot Finance MUTT.NS has raised $400 million through sale of dollar-denominated bonds maturing in four years and six months, two merchant bankers said on Thursday.

The country's largest gold finance company will pay a semi-annual coupon of 6.3750% on this issue, the bankers said, adding that bids opened on Wednesday and closed earlier in the day.

The company received bids worth over $1.1 billion across investor categories as well as geographies.

Dollar bonds have become increasingly attractive in recent months due to limited supply over the past 1-2 years and a perception of stronger credit profiles of Indian firms, said Deepak Sood, senior partner and head fixed income at Alpha Alternatives.

Muthoot Finance's bonds are rated BB by S&P Global and Fitch Ratings. Deutsche Bank and Standard Chartered were joint global coordinators and book runners for the issue.

Neither the company nor the banks replied to Reuters' emails for comment.

The key reasons for the pick-up in dollar bond issuances in 2024 are the relative stability of the rupee and a growing international appetite for Indian bonds, said Maksim Zenkov, deputy head of emerging markets fixed income at financial data aggregator Cbonds.

"As for the estimated quantum of issuances for Oct-Dec, I would expect around $2 billion to $2.5 billion of placements to come based on the maturing amounts," Zenkov said.

Indian companies have raised around $9.05 billion through dollar bonds this year, compared to $5.7 billion in 2023, data from Cbonds showed.

The companies which have issued such bonds include Vedanta, Piramal Capital, REC, and Indiabulls Housing Finance.

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Varun H K)

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MUMBAI, Oct 3 (Reuters) - India's Muthoot Finance MUTT.NS has accepted bids worth 8 billion rupees ($95.29 million) for bonds maturing in five years, three bankers said on Thursday.

The non-banking finance company will pay an annual coupon of 8.78%. It had invited bids from bankers and investors earlier in the day.

Here is the list of deals reported so far on Oct. 3:

*Size includes base plus greenshoe for some issues

($1 = 83.9575 Indian rupees)

(Reporting by Bhakti Tambe)

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MUMBAI, Oct 1 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise 15 billion rupees ($179 million), including a greenshoe option of 5 billion rupees, through a sale of bonds maturing in five years, three bankers said on Tuesday.

The non-banking finance company will pay an annual coupon of 8.78%, and has invited bids from bankers and investors on Thursday, they said.

Here is the list of deals reported so far on Oct. 1:

*Size includes base plus greenshoe for some issues

($1 = 83.8030 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

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** Shares of gold loan financier Muthoot Finance MUTT.NS down 2.5% in afternoon trade

** Shares of MUTT and Manappuram Finance MNFL.NS, which have benefitted from higher gold prices over the last few months, could be at a higher risk of giving up gains in the near term, says Morgan Stanley

** MS comments come after India's cenbank lifted restrictions on IIFL Finance's IIFL.NS gold loan business on Thursday

** MUTT is more likely to underperform than MNFL after the lifting of restrictions on IIFL Finance IIFL.NS, brokerage says; MNFL shares are flat

** MUTT had gained 52% since RBI imposed curbs on IIFL in March; MNFL up 12% over the same period, while IIFL shed 14%

** With RBI lifting its curbs on IIFL on Thursday, the company can resume sanctions, disbursements, assignment, securitisation and sale of gold loans; Its shares are up 8.5%

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Muthoot Finance MUTT.NS erase early gains, last down 3.2%

** Gold loan provider misses Q1 profit estimate on higher impairment charges

** At least eight of the 22 analysts covering MUTT hike their target prices, taking the median TP to 2,000 rupees from 1,865 rupees a month ago - LSEG data

** YTD stock has risen over 21%

(Reporting by Hritam Mukherjee in Bengaluru)

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Aug 13 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• MUTHOOT FINANCE Q1 PROFIT 10.79 BILLION RUPEES; IBES EST. 11.71 BILLION RUPEES

• MUTHOOT FINANCE Q1 INTEREST INCOME 36.56 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: MUTT.NS

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MUMBAI, Aug 6 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise 7 billion rupees ($83.37 million). Including a greenshoe option of 5 billion rupees, through sale of bonds maturing in three years and two months, three bankers said on Tuesday.

The non-banking finance company has invited bids from bankers and investors later in the day, they said.

Here is the list of deals reported so far on Aug. 6:

*Size includes base plus greenshoe for some issues

($1 = 83.9620 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

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MUMBAI, July 16 (Reuters) - India's Muthoot Finance MUTT.NS has accepted bids worth 3.46 billion rupees ($41.4 million) for bonds maturing in two years and six months, three bankers said on Tuesday.

It will pay an annual coupon of 8.97% and had invited bids from bankers and investors earlier in the day, they said.

Here is the list of deals reported so far on July 16:

*Size includes base plus greenshoe for some issues

($1 = 83.5510 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Savio D'Souza)

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MUMBAI, July 15 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise 7 billion rupees ($83.74 million) through the sale of bonds maturing in two years and six months, three bankers said on Monday.

It has invited coupon and commitment bids from bankers and investors on Tuesday, they said.

Here is the list of deals reported so far on July 15:

*Size includes base plus greenshoe for some issues

($1 = 83.5890 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Nivedita Bhattacharjee)

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MUMBAI, June 3 (Reuters) - India's Muthoot Finance MUTT.NS has accepted bids worth 15 billion rupees ($180.56 million) for a sale of bonds maturing in five years, three bankers said on Monday.

It will pay an annual coupon of 9.09% on the bonds, and has invited commitment bids on Friday, they said.

Here is the list of deals reported so far on June 3

*Size includes base plus greenshoe for some issues

($1 = 83.0720 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

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BENGALURU, May 30 (Reuters) - Muthoot Finance MUTT.NS, India's largest gold loan provider, reported a higher-than-estimated quarterly profit on Thursday, boosted by strong loan demand amid rising bullion prices.

The company's standalone profit rose 17% to 10.56 billion rupees ($127 million) in the fourth quarter, beating analysts' expectations of 10.23 billion rupees, according to LSEG data.

Its interest income rose around 20% to 33.58 billion rupees.

Benchmark spot gold prices XAU= rose 22% in the January-March period from a year earlier, bolstering loan growth for lenders such as Muthoot.

Rising prices of bullion benefit gold financiers by increasing the value of pledged gold collateral, driving growth as more customers seek loans against their higher-valued assets.

Last week, smaller rival Manappuran Finance also reported a bigger-than-expected profit.

However, non-bank lenders have to also contend with elevated financing costs, which rose nearly 30% for Muthoot in the quarter.

Analysts expect Muthoot also benefited from a regulatory ban, in March, on IIFL Finance IIFL.NS from disbursing gold loans due to "material supervisory concerns" in its portfolio.

Muthoot's standalone loan assets under management increased 20% to 758.27 billion rupees for the year ended March 31.

Earlier this month, Reuters reported that the central bank had warned some non-bank lenders against disbursing cash loans in excess of the permissible limit of 20,000 rupees.

Muthoot's infrastructure was already in place to move its remaining cash-transacting customers to digital channels, Managing Director George Alexander Muthoot said in a statement.

The company's shares ended 3.7% lower ahead of the results.

($1 = 83.2750 Indian rupees)

(Reporting by Nishit Navin; Editing by Savio D'Souza)

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BENGALURU, May 14 (Reuters) - Indian non-banking financial companies (NBFC) will see some moderation in profitability in the next 12 to 18 months due to higher funding costs, rating agency Moody's said in a report on Tuesday.

In November, India's central bank asked banks to set aside additional capital against loans to NBFCs, making borrowing from banks more expensive for non-bank lenders.

The Reserve Bank of India also increased the capital requirements for unsecured loans for both banks and non-bank lenders.

Indian non-bank lenders have reported healthy loan growth in recent quarters due to strong credit demand, especially in the unsecured lending space.

But as unsecured loans mature, Moody's expects the sector's credit costs, or loan-loss provisions as a portion of gross loans, to increase from cyclically low levels.

It also expects some NBFCs to reduce unsecured lending and increase secured lending after the central bank's November order, and the non-performing asset ratios for non-banks to remain below pre-pandemic levels.

Loans at NBFCs would grow about 15% in the next 12-18 months, Moody's Ratings said.

(Reporting by Nishit Navin in Bengaluru; Editing by Shinjini Ganguli)

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MUMBAI, May 13 (Reuters) - India's Muthoot Finance MUTT.NS has accepted bids worth 6.50 billion rupees ($77.86 million) for bonds maturing in three years and two months, three bankers said on Monday.

It will pay an annual coupon of 9.02% and had invited commitment bids for the issue on earlier in the day, they said.

Here is the list of deals reported so far on May 13:

*Size includes base plus greenshoe for some issues

($1 = 83.4840 Indian rupees)

(Reporting by Dharamraj Dhutia;
Editing by Sohini Goswami)

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Corrects headline to say tenure for over 3 years, not 5 years

MUMBAI, May 10 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise up to 12 billion rupees ($143.7 million), including a greenshoe of 5 billion rupees, through the sale of bonds maturing in three years and two months, three bankers said on Friday.

It has invited commitment bids for the issue on Monday, they said.

Earlier this month, the issuer raised 6.10 billion rupees via bonds maturing in three years as well as five years at an annual coupon of 8.95% and 9.03%, respectively.

Here is the list of deals reported so far on May 10:

*Size includes base plus greenshoe for some issues

($1 = 83.4850 Indian rupees)

(Reporting by Bhakti Tambe)

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