CreditAccess Grameen up 9% on fund raising plans; CLSA initiates coverage

CLSA initiated coverage on CreditAccess Grameen with a 'BUY' recommendation and a target price of Rs 840

Shares of CreditAccess Grameen rallied 9 per cent to Rs 749 on the BSE on Friday in an otherwise weak market after the company announced that its board has approved Rs 1,000 crore fund raising plans.

At 10:11 am, the stock was trading 6 per cent higher at Rs 731, as compared to 1.2 per cent decline in the S&P BSE Sensex. The counter has seen huge trading volumes with a combined 182,000 equity shares changing hands on the NSE and BSE.

“The board of directors of the company at their meeting held on Thursday, September 3, approved