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Bharat Financial extends gains after Morgan Stanley raises stake

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by December 28, 2016 General

The stock rallied 6% to Rs 548 in intra-day trade, extending its Tuesday’s 8% surge

SI Reporter  |  Mumbai 

has rallied 6% to Rs 548 in intra-day trade, extending its Tuesday’s 8% surge on the BSE, after the company said Morgan Stanley Asia (Singapore) & raised stake in the company by 1.10 percentage points via open market.

Morgan Stanley Asia (Singapore) & have bought net of 1.52 million shares representing 1.10% of total equity of via open market on December 23, 2016, the company said in a regulatory filing.

Morgan Stanley purchased 1.55 million shares, while sold 36,161 shares on the same day.

Post acquisition, Morgan Stanley Asia (Singapore) & combined holding in increased to 7.86% from 6.76%.

Since November 8, post demonetization, the stock of micro-finance firm had underperformed the market by falling 42% as compared to 6.5% declined in the S&P BSE Sensex till Monday, December 26, 2016.

At 09:59 am; the stock was up 5% at Rs 546 on the BSE against 0.49% rise in the benchmark index. A combined 4.21 million shares changed hands on the counter on the BSE and NSE so far.

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