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JM Financial share price rises over 5% after board clears raising of funds, hikes investment limit for FPIs

JM Financial share price rose up to 5.55% to Rs 97 against previous closing price of Rs 91.90 on BSE

twitter-logo BusinessToday.In        Last Updated: December 20, 2019  | 13:32 IST
JM Financial share price rises over 5% after board clears raising of funds, hikes investment limit for FPIs
The mid cap stock has risen 0.97% during the last one year and gained 0.27% since beginning of this year.

JM Financial share price rose in early trade today after the firm said its board has cleared capital raising plan and also approved hike in investment limit by foreign portfolio investors (FPIs). JM Financial share price rose up to 5.55% to Rs 97 against previous closing price of Rs 91.90 on BSE.

The stock has gained after two days of fall. The mid cap stock has risen 0.97% during the last one year and gained 0.27% since beginning of this year. On December 19, the firm's board approved raising of funds for an aggregate amount of up to Rs 850 crore and also allowed to raise investment limit by foreign portfolio investors (FPIs) from 24% to 40% of the paid-up equity share capital of the company.

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Meanwhile, JM Financial Services, the dedicated financial services arm of the JM Financial Group, has launched service of Fixed Deposits Online that will allow its registered independent financial distributors to book corporate FDs for their end clients through its website www.jmfinancialservices.in.

Fixed Deposits Online solution will provide both sub-broker assisted transaction as well as investor self-initiated transactions in corporate fixed deposits from institutions of high repute and rating.

For the quarter ended  September 2019, JM Financial reported a 18.1 per cent fall in its consolidated net profit to Rs 196.68 crore in the second quarter ended September 30. The company's net profit was at Rs 240.20 crore in the year-ago quarter. Total income of the company fell to Rs 851.39 crore during the three months to September this fiscal, as against Rs 975.70 crore in same period of 2018-19.

By Aseem Thapliyal

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