Shares of Magma Fincorp were locked in 5 per cent upper circuit for the second straight day, up 5 per cent at Rs 143.05 on the BSE on Tuesday after the company appointed Adar Poonawala as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it.
The stock of the non-banking finance company was trading close to its 52-week high level of Rs 147.90, touched on May 10, 2021. Till 02:16 pm, a combined 1.01 million shares had changed hands and there were pending buy orders for 2.9 million shares on the NSE and BSE.
Magma Fincorp is now a subsidiary of Rising Sun Holdings Private Limited (owned and controlled by Adar Poonawalla), subsequent to equity raise of Rs 3,456 crore on May 6, 2021. The process for rebranding of Magma Fincorp is underway and the Company would take on the Poonawalla brand upon receipt of all requisite approvals (RBI approval for name change has been received).
Magma Fincorp rises 5% as shareholders approve preferential allotment to Adar Poonawalla-led firm
SECTIONS
Last Updated: Mar 10, 2021, 10:15 AM IST
Share
Synopsis
Shareholders approved the company s plan to issue preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
Agencies
The Magma Fincorp scrip got locked in its 5% upper circuit limit at Rs 136.40 on BSE.
Related
NSE
Explore Now
NEW DELHI: The Magma Fincorp stock climbed 5 per cent on Wednesday after shareholders approved the NBFC s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
Explore Now
Nifty futures on the Singapore Exchange traded 51 points, or 0.34 per cent, higher at 15,247 in signs that Dalal Street was headed for a positive start onThursday. Here are a few stocks which may buzz the most in today s trade:
Ambuja Cements: The company will report its December quarter results today.
Bharti Airtel: The telecom operator said it will acquire 20 per cent stake in its DTH arm Bharti Telemedia from an affiliate of Warburg Pincus for about Rs 3,126 crore.
GIC Re: The government is debating whether reinsurer General Insurance Corporation of India should be divested, people aware of the matter told ET.
The week that was: Magma’s best ever, Neuland’s best in 4 years
SECTIONS
Share
Synopsis
Shares of ITC fell 7 per cent in its weakest weekly performance in recent months as investors were left disappointed by the December quarter earnings.
Getty Images
Money managers suggested that the strong gains in the market have a long runway ahead, despite signs during the week of some fatigue, due to strong earnings.
Related
MUMBAI: In the week gone by, benchmark equity indices added to their stellar gains of the previous week as the post-Budget rally on Dalal Street continued. Nifty50 and Sensex added nearly 2 per cent last week.