JM Financial share price rises over 7% on launch of QIP

JM Financial stock rose in early trade today after the firm launched a qualified institutional placement of its shares. JM Financial share price rose up to 7.33% to Rs 76.1 against previous close of Rs 70.90 on BSE. The stock opened with a gain of 2.96% at Rs 73 today.  Total 1.60 lakh shares changed hands amounting to turnover of Rs 1.19 crore.

At 12:20 pm, the share was trading 5.43% higher at Rs 74.75.

The midcap share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. The mid cap stock has fallen 16.14% during the last one year and lost 20.59% since the beginning of this year. Floor price for the QIP has been fixed at Rs 66.72 per equity share.

ICICI Securities and IDFC Securities are merchant bankers to the issue.

Law firm Cyril Amarchand Mangaldas advised JM Financial while Khaitan & Co advised merchant bankers, according to exchange filings by the company.

For the quarter ended March 2020, JM Financial reported a 1.49 per cent rise in its consolidated net profit to Rs 130.56 crore against net profit of Rs 128.64 crore in the year-ago quarter. Sales rose 10.13% in Q4 to Rs 835.89 crore against Rs 758.97 crore in corresponding period of previous fiscal.

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Total income of the company rose to Rs 835.89 crore during the three months March 2020 against Rs 758.97 crore in same period of 2018-19.

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