Stocks alert! Indian Bank, Brigade Enterprises share prices jump up to 7.5% intraday - HERE IS WHY

The shares of Indian Bank and Brigade Enterprises spurted during Tuesday’s trade, as the respective board of the company approved QIP (Qualified Institutional Placement) on Monday. 

Indian Bank on Tuesday jumped over five and a half per cent to Rs 154 per share on the BSE intraday today as compared to Rs 145.5 per share previous close. The stock is currently trading near a 52-week high at Rs 156.9 per share and has touched Rs 146.45 per share as a day’s low. 

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Indian Bank in its filing to exchanges said that a meeting of the Committee of Directors on Capital Raising is scheduled to be held on June 24, 2021 to, inter alia, consider and approve the issue price. However, with a discount of 5 per cent the floor price would be fixed at Rs 142.15 per share. 

On the other hand, Brigade Enterprises surged over 7.5 per cent to Rs 299.75 per share, which is almost a 52-week high of Rs 300 per share levels, on the BSE intraday trade today on Tuesday. The stock is currently trading at around four and a half per cent to Rs 291.45 per share on the BSE. 

In comparison, BSE Sensex has been trading at day’s high level and it also touched a record high of above 53000 levels intraday today, while Nifty50 has been trading above 15850 levels today. 

QIP is a fundraising process introduced by SEBI so as to enable the listed companies to raise finance through the issue of securities to qualified institutional buyers (QIBs). 

Indian Bank is expected to raise up to Rs 2000 crore, while Brigade to raise up to Rs 500 crore, as both the respective boards are to meet on June 24 and June 25, 2021.