The great gold bounceback.
Reuters reports: Gold prices rose on Monday, recovering from a near nine-month low hit in the previous session, as a passage of the long awaited $1.9 trillion U.S. coronavirus relief package boosted the metal s appeal.
Spot gold rose 0.3% to $1,705.62 per ounce by 0041 GMT, after hitting its lowest since June 8 at $1,686.40 on Friday. U.S. gold futures climbed 0.3% to $1,703.
The U.S. Senate on Saturday passed President Joe Biden s $1.9 trillion COVID-19 relief plan. Gold is viewed as a hedge against inflation, likely from extensive stimulus.
Further supporting bullion, U.S. 10-year yields held below a one-year peak hit on Friday, while the dollar eased.
In 1979, he became the group s managing director, and by February 1993, had become the group s chairman. In doing so, he became the third generation of his family to head the Muthoot Group after his grandfather and his father.
A split in the Muthoot family in the 1980s saw the family s empire divided between his cousin brothers and himself which, eventually, led to the creation of Muthoot Pappachen Group, another diversified entity that ran a rival gold loan enterprise Muthoot Fincorp.
But under his leadership, Muthoot Finance turned into one of India s leading gold loan non-banking financial companies becoming the first-ever NBFC to break the Rs 1,000 crore net profit ceiling.
By Reuters Staff
2 Min Read
BENGALURU (Reuters) - Shares of Indian non-banking financial firm Muthoot Finance Ltd fell the most in nearly two months on Monday, after group chairman M.G. George Muthoot died over the weekend, with media reports saying he fell from his fourth floor house in New Delhi.
The financier, grandson of the gold financing company’s founding chairman, is credited with growing the company into a pan-India name and scaling its presence beyond the southern state of Kerala, where it is headquartered.
George Muthoot took charge as chairman in 1993, overseeing its expansion into more than 4,500 branches across the country and growing its market capital nearly eight folds in the past decade.
Muthoot Finance stock tumbles on sudden demise of Chairman
March 08, 2021
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Company financials sound, say analysts
The sudden demise of MG George Muthoot, chairman of Muthoot Finance, seems to have cast a shadow on the shares of the gold loan lender. On Monday, the stock went down 3.7 per cent and closed at ₹1,259.90 on the BSE, after opening the day 6.6 per cent lower at ₹1,205.
However, senior officials of the company did not want to comment on the market developments, saying that this is not a new phenomenon and there were instances in the past too when the shares had fallen.
‘Gold price impact’