 "Image via Shutterstock")
Shares of Fortune Financial Services on Monday surged to its 52-week high of Rs 289.80 on the BSE, after the company got in-principle nod from market regulator Sebi to set up an Asset Management Company (AMC).
The company has received in-principle approval from Sebi Investment Management Department to set up an AMC, it had said in a regulatory filing on July 30.
The approval is subject to fulfilment of requirements as prescribed by Sebi (Mutual Fund) Regulations, 1996, it added.
Shares of the company reacted to the development on a positive note and after opening at Rs 289, registered a jump of 9.46% over its previous close of Rs 265. The stock was later trading at Rs 271. 50, up 2.45% on the BSE.
Meanwhile, the board meeting of the company is scheduled to be held on August 8, 2016, to consider and approve the un- audited (consolidated and Stand-alone) financial results for the quarter ended June 30, 2016.
