Overseas deal working in favour of J M Financial Ltd in the markets

J M Financial Ltd., an investment banking company, surged more than 4 percent on news that it had signed an agreement with a US-based peer to tap India's growing market for defence deals.

J M said it had tied up with New York's Seabury Group LLC to help both Indian and US defence companies to set up joint ventures and address New Delhi's plans to make defence equipment locally. India imports nearly 70 percent of her defence needs and the US has emerged India's top defence supplier over the past several years selling mainly transport aircraft.

J M Financial gained 2.1 rupees, or 4.2 percent, to 52.70 rupees on the National Stock Exchange, where 9.17 lakh shares were traded compared with 4.8 lakh which is the five day average.

J M Financial's market capitalisation has gained 32 percent to 3,970 crore rupees over the past one year. The stock trades at 1.51 times its book value of 33.3 rupees.

(Image credits: Indiatimes)