Edelweiss Financial hits record high, zooms 90% in 2017

The stock up 8% to Rs 185 after the company said the IRDAI approves general insurance business.

Edelweiss Financial Services has moved higher to its record high of Rs 185, up 8% on the BSE, after the company said the Insurance Regulatory & Development Authority of India (IRDAI) has approved the setting up of a general insurance business.

“This is to inform you that The Insurance Regulatory & Development Authority of India (IRDAI) has accepted the registration application form IRDA /R2, for setting up a General Insurance Company in India, filed by Edelweiss General Insurance Company, a wholly owned subsidiary,” Edelweiss Financial Services said in a regulatory filing.

This is the second stage of regulatory clearances required for carrying on the business as a general insurance company in India. Kindly take the same on record, it added.

Meanwhile, thus far in the calendar year 2017, the stock appreciated by 90% from Rs 97.60, as compared to 12% rise in the S&P BSE Sensex.

At 02:05 pm; the stock was up 7% at Rs 183 against 0.18% decline in the benchmark index. A combined 6.79 million shares changed hands on the counter on BSE and NSE.