Nippon AMC surges beyond 8% after Rs 762 crore block deal

Nippon AMC shares on Wednesday surged as much as 8.22 per cent to hit a 52-week high of Rs 486.80 after the block deal involving 1.78 crore shares, which translates to 2.86 per cent equity in the top asset management firm occurred on the exchanges at a floor price of Rs 427.

As a result of the block deal, an uptick in volumes in the counter was visible when 2 crore shares changed hands on the bourses, which was significantly higher than the month’s daily traded average- 7 lakh shares, according to media reports.

The block deal likely went through at a floor price of Rs 426.60 per equity share, displaying an over 5 percent discount to the Nippon AMC stock's closing price of Rs 449.80 in the last market session.

In the quarter ending September, Nippon AMC recorded a 19.6 per cent increase in its net profit to Rs 235.2 crore, as against Rs 197 crore in the same quarter last financial year.

The company's revenue also reported significant growth, as it grew by 19.1 per cent to Rs 368.1 crore in comparison to Rs 309 crore in the last fiscal year.

As of 9:52 am, Nippon AMC shares were higher 7.38 per cent higher at Rs 483 per share.