Shares of Manappuram Finance, a gold finance company, surged by 12% over two trading days, reaching ₹302.40 on the Bombay Stock Exchange (BSE). This increase follows the closure of Bain Capital's open offer, which aimed to acquire a 26% stake in the company. The stock is now close to its 52-week high of ₹320.95, achieved on January 7, 2026. Analysts from Axis Securities believe that Manappuram Finance will focus on accelerating growth in its gold loan portfolio, driven by higher ticket sizes and strong customer additions. Despite potential pressures on net interest margins (NIMs) due to rising operational expenses from technology and manpower investments, the company is expected to benefit from operating leverage and cost optimization in the medium term. The brokerage has revised its asset under management (AUM) growth estimates upward, anticipating strong performance in gold loans for FY26, while also adjusting net interest income (NII) estimates slightly downward for FY26 and upward for FY27-28. The stock has already met the brokerage's target price of ₹295 per share, and further movements will depend on the effective execution of growth strategies and profitability improvements.