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The S&P BSE Midcap index hit a new high of 17,131 on the BSE in intra-day deal on Monday after a healthy gain in pharmaceutical, cement and consumption related stocks. The index surpassed its previous high of 17,110.66 touched on November 29, 2017 in intra-day trade. Wockhdart, Mahindra & Mahindra (M&M) Financial Services, Tata Communications, Tata Global Beverages, Dalmia Bharat, Natco Pharma and ABB India were up in the range of 3% to 6% on the BSE. At 02:48 PM; the S&P BSE Midcap index was up 0.43% at 17,117, as compared to 0.38% rise in the S&P BSE Smallcap index. The benchmark S&P BSE Sensex was up 0.55% at 33,432. Biocon, M&M Financial Services, Shriram Transport Finance, Tata Global Beverages and TVS Motor Company from the midcap index hit their respective record highs on the BSE in intra-day trade today. M&M Financial Services has surged 6% to Rs 479 on the BSE.
The company last week had successfully raised Rs 1,056 crore by allotment of shares to qualified institutional buyers at the issue price of Rs 440 per share. The securities issue committee of the board of directors of the company at its meeting held 30th November, 2017, also approved the allotment of 25 million equity shares to the promoter Mahindra & Mahindra Limited ('M&M'), at the issue price of Rs 422 per equity share, aggregating to Rs 1,055 crore. Tata Communications too rallied 6% to Rs 720 after media report suggested that the company’s 15-year wait to spin off land assets nears end. The BSE said exchange has sought clarification from the company about news report. The reply is awaited.