Jain Irrigation to consider raising $200 million; stock up
Shares of Jain Irrigation moved higher in early trade on Tuesday as the company board meets today to consider raising around $200 million.
By ET Bureau |
MUMBAI: Shares of Jain Irrigation moved higher in early trade on Tuesday as the company board meets today to consider raising around $200 million. The stock has been witnessing selling pressure of late as foreign institutional investors have been exiting the company.
As per the NSE data, CLSA sold 23.5 lakh shares in a block deal at Rs 62.35/share yesterday. Last month Columbia Acorn International sold 21.78 lakh shares at Rs 81.36 on the NSE.
According to analysts, the investors are reacting to dilution concerns. The company board recently approved to issue 7.75 million warrants to promoters.
Morgan Stanley downgraded it from ‘overweight’ to ‘equal weight’ and lowered the price target to Rs 85 from Rs 111 earlier.
At 10:15 am, the stock was at 63.45, up 0.95 per cent, on the BSE. It has touched a high of Rs 63.90 and a low of Rs 62.75 in trade today.
As per the NSE data, CLSA sold 23.5 lakh shares in a block deal at Rs 62.35/share yesterday. Last month Columbia Acorn International sold 21.78 lakh shares at Rs 81.36 on the NSE.
According to analysts, the investors are reacting to dilution concerns. The company board recently approved to issue 7.75 million warrants to promoters.
Morgan Stanley downgraded it from ‘overweight’ to ‘equal weight’ and lowered the price target to Rs 85 from Rs 111 earlier.
At 10:15 am, the stock was at 63.45, up 0.95 per cent, on the BSE. It has touched a high of Rs 63.90 and a low of Rs 62.75 in trade today.
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