TRADE NIVESH : DHFLNSE 9.48 % shares surged 14 per cent on Thursday after CNBC-TV18 reported that PiramalNSE 2.37 % Enterprises and Baring Private Equity (PE) are in talks to acquire majority stake in the company.
The scrip surged 14 per cent to hit a high of Rs 155. Later, the scrip was hovering at Rs 150, up 9.97 per cent at 12:26 pm. This was against 0.62 per cent rise in the BSE Sensex.
"If this report is to be believed, I think Dewan will see some recovery in its stock price and valuation, as it is trading at 0.5 price to book, which is quite cheap," Sameer Kalra, founder and head of research at Target Investing, told Reuters.
"If Piramal is interested in a majority in DHFL, then the liquidity issue might get sorted out for DHFL to some extent," Kalra added.
More than 40 million DHFL shares changed hands, compared to the 30-day moving average of 18.7 million shares.
The stock has been battered by allegations of financial mismanagement and broader sectoral liqudity woes; up to last close, the stock had fallen 45.3 per cent this year.
Earlier in the day, the stock opened at Rs 137.50 on BSE against its previous closing of Rs 136.40.
The shares of the company closed 9.53 per cent higher at Rs 149.40 on BSE.
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The scrip surged 14 per cent to hit a high of Rs 155. Later, the scrip was hovering at Rs 150, up 9.97 per cent at 12:26 pm. This was against 0.62 per cent rise in the BSE Sensex.
"If this report is to be believed, I think Dewan will see some recovery in its stock price and valuation, as it is trading at 0.5 price to book, which is quite cheap," Sameer Kalra, founder and head of research at Target Investing, told Reuters.
"If Piramal is interested in a majority in DHFL, then the liquidity issue might get sorted out for DHFL to some extent," Kalra added.
More than 40 million DHFL shares changed hands, compared to the 30-day moving average of 18.7 million shares.
The stock has been battered by allegations of financial mismanagement and broader sectoral liqudity woes; up to last close, the stock had fallen 45.3 per cent this year.
Earlier in the day, the stock opened at Rs 137.50 on BSE against its previous closing of Rs 136.40.
The shares of the company closed 9.53 per cent higher at Rs 149.40 on BSE.
get free equity intraday trading tips
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