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Cholamandalam Investment plans Gold loan foray after Poonawalla, L&T Finance


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Published in Business and Finance on by cnbctv18   Print publication without navigation

Cholamandalam has not specified the quantum of the expansion, or the regions that it plans on marking its presence in. The company is predominantly present in the Southern part of the country.

Cholamandalam Investment and Finance Company's shares surged over 7% following the announcement of their entry into the gold loan market, aiming to diversify their portfolio and tap into the growing demand for secured loans. The company plans to launch this new segment in the second quarter of FY24, initially targeting southern India before expanding nationwide. This move is seen as a strategic step to compete with established players like Muthoot Finance, Manappuram Finance, and newer entrants like Poonawalla Fincorp and IIFL Finance. The positive market reaction was also influenced by Cholamandalam's strong Q4 performance, with a significant rise in net profit and assets under management, reflecting robust growth and investor confidence in their expansion strategy.

Read the Full CNBCTV18 Article at:
[ https://www.cnbctv18.com/market/cholamandalam-investment-share-price-gold-loan-foray-poonawalla-lt-finance-incred-muthoot-stock-q4-19594542.htm ]

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