JM Financial firms up as board OKs hiking FPI investment limit

JM Financial rose 2.07% to Rs 93.80 after the company said its board approved fund raising and increasing of FPI investment limit.

JM Financial on Thursday said its board approved hiking the investment limit of the Foreign Portfolio Investors (FPIs) from 24% to 40% of the paid-up equity share capital of the company.

The board also approved raising up to Rs 850 crore by way of issue of equity shares and/or any other instruments or securities through qualified institutions placement, private placement/preferential issue/public issue/rights issue or through any other permissible modes and/or combination thereof.

On a consolidated basis, the company's net profit fell 20.7% to Rs 129.59 crore on a 12.7% decline in total income to Rs 851.39 crore in Q2 September 2019 over Q2 September 2018.

JM Financial is a holding company, operating as a core investment company. It offers customized financial solutions to a range of client base. Its segments include investment banking and securities business, fund-based activities, alternative asset management and asset management.

The scrip hit its 52-week high Rs 100 on 22 November, 2019 and 52-week low of Rs 61.45 on 02 August, 2019.

Currently, the stock is trading 6.2% below its 52-week high and 52.64% above its 52-week low.

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