Religare Entp 'sings' a good tune

Religare Enterprises is currently the top gainer on the BSE. The stock opened Rs.17 higher at Rs.335.20 going on to an intra day high of Rs.340.20 and it remains currently over 5% up at Rs.334. Its 52-week high is at Rs.411.50.

The stock is up in the limelight on unconfirmed news of a possible takeover with contenders like Apollo Global Management and Baring Asia eyeing this stake sale.

The promoters of the company, the Singh brothers had already made it public about its intentions to sell either their entire holding or minimum 51%; clearly indicating that they no longer wanted to be in the driver’s seat. Currently, they hold 50.93% stake.

Obviously, the company has denied this news but the market chooses to ignore their denial, instead preferring to wait on the counter to reap a bounty when the company does make an announcement.