Reliance Capital is trading higher by 3% at Rs 407 on reporting twelve-fold increase in its consolidated net profit at Rs 401 crore for the September quarter on back of one time gain on stake sale in its asset management company and growth in commercial finance business. The company had profit of Rs 33 crore in previous year quarter.
“The company’s consolidated total income grew 55% at Rs 2,437 crore on year-on-year basis,” Reliance Capital, a financial services arm of Anil Ambani-led Reliance Group said in a statement.
The company had sold 26% stake to Japanese insurance major Nippon Life. The deal size was Rs 1,450 crore.
The stock opened at Rs 401 and hit a high of Rs 408 on the NSE. A combined 1.14 million shares have changed hands on the counter in opening deals.
