IIFL Holdings rose 4.19% to Rs 134.20 at 9:40 IST on BSE after the company said it received registration from Securities and Exchange Board of India to undertake investment advisory services.
The announcement was made after market hours on Tuesday, 26 August 2014.
Meanwhile, the BSE Sensex was up 135.66 points, or 0.51%, to 26,578.47.
On BSE, so far 1,134 shares were traded in the counter, compared with an average volume of 21,422 shares in the past one quarter.
The stock hit a high of Rs 134.50 and a low of Rs 131.10 so far during the day. The stock hit a 52-week high of Rs 146.90 on 9 June 2014. The stock hit a 52-week low of Rs 45.50 on 28 August 2013.
The stock had outperformed the market over the past one month till 26 August 2014, rising 1.78% compared with 1.21% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.13% as against Sensex's 6.98% rise.
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The mid-cap company has an equity capital of Rs 60.36 crore. Face value per share is Rs 2.
Commenting on the development, Mr. R Venkataraman, MD, said, "We are delighted to receive the registration from Sebi to act as investment adviser. With this, IIFL Holdings would be offering a wide range of investment and financial advisory services to corporate and institutional clients. IIFL Holdings believes that going forward, the advisory services platform poses promising opportunities for servicing our large client base in the new regulatory framework."
On a consolidated basis, IIFL Holdings' net profit rose 48.4% to Rs 93.82 crore on 17% increase in total income to Rs 791.28 crore in Q1 June 2014 over Q1 June 2013.
IIFL (India Infoline group), comprising the holding company, IIFL Holdings and its subsidiaries, is one of the leading players in the Indian financial services space. IIFL offers advice and execution platform for the entire range of financial services covering products ranging from equities and derivatives, commodities, wealth management, asset management, insurance, fixed deposits, loans, investment banking, Government of India (GoI) bonds and other small savings instruments.
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