JM Financial hits new high

JM Financial has hit a new 52-week high at Rs.31.75, with an over 3 times surge in volumes and even now, it continues to hover around the high levels.

The stock has shot into the limelight today on unconfirmed news that Azim Premji of Wipro, is planning to buy an additional 5% stake in the company whilst he continues to currently hold a 2.9% stake. This stake hike comes at a time when JM Financial awaits RBI nod for the banking license it has applied for.  To hike stake, this would mean that Premji would be allotted shares at a premium to the current market price and this is keeping the stock price abuzz.