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Manappuram: All that glitters

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NBFC was already a four-letter word coming into 2020, courtesy DHFL. Then the pandemic brought all economic activity to a screeching halt. Not a great time to be any kind of lending business. To make matters worse, you now had to compete with banks offering much lower rates. Add to that surging Gold prices, and a business that relies on lending against Gold, like Manappuram, should be in a tight spot.

But that's now how it seems to . . .

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