India's Prism Johnson jumps 10%, to divest Raheja QBE General Insurance

Prism Johnson

06/07/2020 05:42

** Building material manufacturer Prism Johnson Ltd
 PRIS.NS  jumps ~10% to 48.40 rupees in its biggest intraday pct
gain since March 17, amid a more than 1% rise in Indian equities
    ** Co approves https://bit.ly/38CvtRW divestment of its 51%
stake in Raheja QBE General Insurance for 2.90 bln rupees
($38.92 mln)
    ** Separately, co to buy https://www.bseindia.com/corporates/anndet_new.aspx?newsid=912bbf25-d60a-4882-9ed5-c131f5b87f2d
 35% stake in Sanskar Ceramics Private Ltd for 129.5 mln rupees,
taking its total shareholding in Sanskar to 50%
    ** Around 438,940 Prism Johnson shares change hands by 0421
GMT, vs 30-day avg of 431,501 shares
    ** Seven of eight analysts covering the stock have a "buy"
or "strong buy" rating, while 1 rates it at "hold"; median PT is
46 rupees - Refinitiv data
    ** Stock down nearly 30% this year, up to last close


($1 = 74.5100 Indian rupees)

 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))