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Zydus Wellness share rises 4% as board clears QIP to raise funds

BusinessToday.In     September 24, 2020

Share of Zydus Wellness gained over 4% in early trade today after board of the firm cleared raising of funds via a QIP issue.  Zydus Wellness stock rose 4.11% to Rs 1,789 against the previous close of Rs 1718 on BSE.

Total 5360 shares changed hands amounting to turnover of Rs 97.44 lakh. The stock has gained after 3 days of consecutive fall.

The share is trading higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages. The share has gained 0.77% in one year and risen 19.64% since the beginning of this year.

Market cap of the firm rose to Rs 10,155 crore on BSE. At 1:00 pm, the share was trading 2.48% or Rs 42.60 higher at Rs 1761 on BSE.

The firm in a communication to BSE said, "Raising of funds by way of issue of Equity Shares, through a QIP; (ii) Approved and authorised the opening of the QIP, today, i.e. on September 23, 2020; Approved the floor  price for the QIP, being Rs. 1,775.85 per Equity Share."

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Floor price for QIP has been set at Rs 1775.85 per equity share.

Meanwhile, Sensex and Nifty were trading nearly 2% lower on weak global cues. Extending fall for the sixth consecutive session, the BSE 30-share benchmark Sensex traded 734 points lower at 36,946 and NSE Nifty 50 fell 208 points to 10,922.

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