Moneycontrol Bureau
Shares of Fortune Financial Services surged 6 percent intraday Tuesday after the board approval for acquisition of shares of Suraksha Asset Reconstruction.
"The board of directors, on December 12, approved entered into related party transactions for acquisition of equity shares of Suraksha Asset Reconstruction subject to the members approval by way of postal ballot," the company said in its filing.
Fortune Group provides various financial services right from equities and derivatives trading, equity research, commodities trading, portfolio management services, distribution of mutual funds, IPO & insurance products and also investment banking services.
Fortune Financial has four business verticals viz. Fortune Equity Brokers (India), Fortune Commodities & Derivatives (India), Fortune Credit Capital and Fortune Financial India Insurance Brokers.
At 13:30 hours IST, the stock was quoting at Rs 320, up Rs 14.20, or 4.64 percent on the BSE.
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