External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Gold lending is a high moat business and we believe specialists like MGFL will continue to benefit. However, most positives are priced in. We revise our rating from BUY to HOLD with a target price of Rs 185 (1.4x FY23E ABV).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Gold lending is a high moat business and we believe specialists like MGFL will continue to benefit. However, most positives are priced in. We revise our rating from BUY to HOLD with a target price of Rs 185 (1.4x FY23E ABV).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Manappuram Finance: Gold AUM Decline Disappoints