Edelweiss Financial Services gained 2.84% to Rs 93.80 at 14:10 IST on BSE after the company announced that its wholly owned subsidiary sold Edel Commodities Trading to Inditrade Business Consultants.
The announcement was made after market hours yesterday, 17 November 2016.Meanwhile, the S&P BSE Sensex was up 10.48 points or 0.04% at 26,238.10.
On BSE, so far 1.7 lakh shares were traded in the counter as against average daily volume of 3.84 lakh shares in the past one quarter. The stock hit a high of Rs 95.30 and a low of Rs 91 so far during the day. The stock had hit a 52-week high of Rs 129.10 on 20 October 2016. The stock had hit a 52-week low of Rs 44.40 on 12 February 2016. The stock underperformed the market over the past one month till 17 November 2016, sliding 21.49% compared with 4.73% decline in the Sensex. The scrip also underperformed the market in past one quarter, falling 9.63% as against Sensex's 6.35% decline.
The mid-cap company has equity capital of Rs 82.89 crore. Face value per share is Re 1.
Edelweiss Financial Services announced that Edel Commodities (ECL), a wholly owned subsidiary of the company entered into a share sale & purchase agreement with Inditrade Business Consultants (IBCL) yesterday, 17 November 2016 for sale of its wholly owned subsidiary namely Edel Commodities Trading (ECTL) for a deal size of minimum of Rs 13 crore receivable in cash and shares.
IBCL is a subsidiary of Inditrade Capital with focus on commodity procurement, financing and export of commodities. It operates in 7 states and is rapidly scaling up its operations in India and abroad. The transactions are not with the promoter/promoter group and also does not fall under the related party transactions.
Consequent to the transaction, ECTL, Edelweiss Commodities CHAD SARL and Edelweiss Commodities Nigeria, the subsidiaries of ECTL, ceases to be the subsidiaries of ECL and, in turn of the company.
On a consolidated basis, Edelweiss Financial Services' net profit rose 30.4% to Rs 183.12 crore on 25.4% growth in net sales to Rs 1216.12 crore in Q2 September 2016 over Q2 September 2015.
Edelweiss Financial Services offers a range of products and services spanning retail finance, debt capital markets, commodities, financial markets, asset management and life insurance.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
