Top gainer: Hindalco 652 ▲ 14 (+2.20%)
Top loser: M&M 2,668 ▼ 171 (-6.04%)
Shares of Religare Enterprises jumped over 6%
Shares of Religare Enterprises jumped over 6% on Friday, February 21, after it announced the Burman Group has acquired control of the firm and has been designated as its promoters. The Burman family has acquired a controlling stake in Religare Enterprises Limited (REL) after the completion of the open offer, and its shareholding post the acquisition stands at 83,201,819 equity shares, representing 25.16%. During the morning trade, the scrip was trading 6.1% higher at ₹236.60 apiece on BSE.
Shares of Mahindra & Mahindra (M&M) and its subsidiaries were in the spotlight on Friday
Shares of Mahindra & Mahindra (M&M) and its subsidiaries, Mahindra & Mahindra Financial Services and Mahindra Lifespace Developers, were in the spotlight on Friday as the company said it would invest in the proposed rights issue of its subsidiaries, Mahindra & Mahindra Financial Services (MMFSL) and Mahindra Lifespace Developers (MLDL). The stock of M&M slipped as much as 6.07% to ₹2,667 on the NSE amid a decline in auto stocks. In its filing to stock exchanges, M&M said that the board of directors of Mahindra & Mahindra Financial Services Limited, a listed subsidiary of the company (“MMFSL”), has given the approval for fund raising of an amount not exceeding ₹3,000 crore through a rights issue of equity shares.
Shares of JSW Energy witnessed a significant surge of nearly 6% in the intraday trade
Shares of JSW Energy witnessed a significant surge of nearly 6% in the intraday trade marking the day’s high at ₹500.25 on the NSE. This rise in the share price comes after the global brokerage firm Morgan Stanley initiated coverage on the stock with ‘overweight rating’. The power generation company’s strong market share gains in recent bids, achieved at reasonable prices, is one of the key factors pertaining to the positive outlook of the company.