JPMorgan Initiates Coverage on Indian Gold Financiers:

Global brokerage firm JPMorgan has initiated coverage on India’s top gold loan non-banking financial companies (NBFCs)—IIFL Finance, Muthoot Finance, and Manappuram Finance—assigning an "Overweight" rating to all three stocks. The brokerage highlighted that gold loans represent high-quality, secured retail credit, forecasting that the next phase of growth will be structural rather than cyclical as systemic credit penetration doubles over the next five years. IIFL Finance emerged as JPMorgan's top pick with a target price of ₹750 (18% upside), as the company enters the early stages of an operational turnaround that is expected to trigger a significant valuation re-rating. Meanwhile, Muthoot Finance was identified as a compelling value buy with a target price of ₹3,400 (14% upside), with its ~22% year-to-date decline offering an attractive entry point for market leadership. Lastly, Manappuram Finance received a target price of ₹395 (13% upside) on the back of an operational turnaround confirmed by its recent June quarter earnings momentum. !MUTHOOTFIN