 "JM financial shares recover 5% after 23% fall in four sessions")
Snapping four-session long losing streak, JM Financial shares rose over 5% after the company’s subsidiary JM Financial Products acquired over 1.9 million shares in India Home Loan (IHL), translating into over 17% in the firm.
The stock of the company rallied as much as 5% to Rs 63.05 on the BSE. The scrip had lost nearly 23% in the last four sessions.
The stock of IHL also gained nearly 5% on the BSE.
Earlier on October 20, the company had disclosed its plan of about buying the stake in Mumbai-based IHL by acquiring full holding of one of the promoters and another’s non locked-in shares.
The valuation of the deal was not provided.
Nimesh Kampani-led JM Financial is a financial services group offering investment banking, institutional equity sales, trading, research and broking, wealth management, asset management broking and NBFC services.
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IHL is a housing finance company which offers retail home loan product for affordable housing segment.
It offers home loans to customers and for construction of a dwelling unit on an owned plot.
(With PTI input)