Adar Poonawalla-controlled Rising Sun Holdings has acquired a 60% stake in the non-banking financial company Magma Fincorp by subscribing to a Rs 3,456 crore preferential issue.
The equity barometers firmed up and traded near the day s high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 170.84 points or 0.33% at 51,480.23. The Nifty 50 index gained 49.60 points or 0.33% at 15,156.10.
The broader market was trading firm. The S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 1%.
The market breadth was positive. On the BSE, 1,593 shares rose and 1,167 shares fell. A total of 147 shares were unchanged.
Derivatives:
The NSE s India VIX, a gauge of market s expectation of volatility over the near term, fell 2.16% to 23.435. The Nifty 25 February 2021 futures were trading at 15,128, at a discount of 28.10 points as compared with the spot at 15,156.10.
Read more about Magma Fincorp jumps 10% as Adar Poonawalla to acquire 60% stake in firm on Business Standard. Adar Poonawalla-controlled Rising Sun Holdings will acquire a 60 per cent stake in non-banking financial company by subscribing to Rs 3,456-crore preferential issue