JM Financial Surges by Over 17 % on Stake Sale Talk

The shares of JM Financial jumped over 17 % to . 24.8 on BSE on the market speculation that a large domestic private sector bank and an international bank may look to buy a substantial stake in the company promoted by ace deal maker Nimesh Kampani. The talk has been going on for some time , but it could not be confirmed from the company. JM Financial was among the top 10 gainers on the bourses touching a high of . 25.10 during intra-day trading. The gains were accompanied by huge volume; a total of 23.8 lakh shares changed hands, compared with the two-week average of 4.6 lakh shares on the BSE. The sources said the surge in the company's stock price and trading volumes could also be due to a private placement by the promoters. A section of the broking fraternity says the Goldman-Benchmark deal has raised hopes of a sale of JM Financial's mutual fund business.
Contributed by Anuradha Himatsingka Talent Churn in MF industry
The asset management industry is witnessing key changes in personnel. BNP Paribas MF, which recently hired Uday Suri as head of sales and marketing from Fidelity, is looking to hire Anand Shah as CIO. Shah will join BNP Paribas MF from Canara Robeco, where he was head of equities. Prior to that, Shah was with ICICI Prudential AMC as co-head equities.
Contributed by Deeptha Rajkumar