JM Financial surges over 5% on nod to fund-raising plan, hike in FII limit

The stock had hit a 52-week high of Rs 100 on November 22

JM Financial shares jumped as much as 5.54 per cent to Rs 97 apiece on the BSE on Friday after the company informed that the board has given approval to raise up to Rs 850 crore. The company also received approval to increase investments by the foreign portfolio investors (FPIs) from 24 per cent to 40 per cent.

At 10:00 am, the stock was trading around 3 per cent higher at Rs 94.50 on the BSE. It had hit a 52-week high of Rs 100 on November 22. The S&P BSE Sensex was trading 70 points or 0.17 per cent higher