JM Financial hits new high
By
Research Desk
about 11 years ago
JM Financial has hit a new 52-week high today at Rs.27.50 and it remains around the same levels, up over 15%. Volumes are huge at almost 96 lakh shares compared to just over 10 lakh shares over past two weeks average.
The stock, as expected hit the roof on ex-Citigroup CEO, Vikram Pandit picking up a 3% stake in the company. This move is stated to be a step ion the direction of setting up the bank when it gets the banking license. It will nominate Pandit to the position of non-executive chairman of the proposed bank, if it were to obtain a licence from RBI. Pandit would make a strategic investment in JM Financial which will issue over 1.16 crore warrants worth about Rs 22.6 crore to him.