Edelweiss Financial Services were trading 3.93% higher at Rs 126.90, extending its winning streak to ninth straight day.
The stock has surged 37.12% in nine trading days from its previous closing low of Rs 92.55 on 31 October 2019. The Nifty Fin Service index rose 2.5% in the same period.
The NBFC firm announced its Q2 September 2019 result on Tuesday, 12 November 2019. On consolidated basis, net profit tumbled 81.2% to Rs 51.17 crore on a 10% decline in total income to Rs 2405.24 crore.
Private equity platform Sanaka Capital along with co-investors will invest up to Rs 525 crore into Edelweiss Global Investment Advisors (EGIA), the group's investment advisory business.
Recently, Edelweiss has announced a partnership with South Korea based Meritz Financial Group, for the completion financing platform. It has also joined hands with large global institutional investors like CDPQ, one of North America's largest pension funds for the credit business, Allianz Investment Management, part of Allianz Group for the Private Debt platform and AJ Gallagher for the insurance advisory business.
Meanwhile, Edelweiss' asset reconstruction business recently got a boost after the Union Cabinet approved special window for funding of stalled affordable and middle-income housing projects. The Union Cabinet chaired by Prime Minister Narendra Modi on 6 November 2019 approved the establishment of a 'special window' fund to provide priority debt financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector.
Edelweiss Financial Services provides a broad range of financial products and services to diversified client base that includes corporations, institutions and individuals.
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