Edelweiss Financial Services rose 2.58% to Rs 59.55 at 10:34 IST on BSE after the company said it has executed an agreement to acquire the onshore fund schemes managed by JP Morgan Asset Management India.
The announcement was made after market hours yesterday, 22 March 2016.Meanwhile, the S&P BSE Sensex was down 81.96 points or 0.32% at 25,248.53.
On BSE, so far 2.01 lakh shares were traded in the counter as against average daily volume of 1.44 lakh shares in the past two weeks. The stock hit a high of Rs 60.30 and a low of Rs 59.10 so far during the day. The stock had hit a 52-week high of Rs 72.55 on 9 April 2015. The stock had hit a 52-week low of Rs 44.40 on 12 February 2016. The stock had outperformed the market over the past one month till 22 March 2016, surging 18.47% compared with Sensex's 6.48% rise. The scrip had also outperformed the market in past one quarter, declining 0.09% as against Sensex's 1.02% fall.
The mid-cap company has equity capital of Rs 81.40 crore. Face value per share is Rs 1.
Edelweiss Financial Services announced that Edelweiss Asset Management(EAML) has executed an agreement to acquire the onshore fund schemes managed by JP Morgan Asset Management India (JPMAM), including its India based onshore mutual fund business and the international fund of funds, subject to regulatory approvals. The assets under management (AUM) of JPMAM stands at about Rs 7081 crore, while the combined AUMs of both entities amount to about Rs 8757 crore as on 31 December 2015, Edelweiss said. Along with the schemes, EAML is committed to absorbing majority of employees of JPMAM ensuring business continuity as well as a platform for enhanced growth across the Edelweiss Group, it added. The acquisition will further strengthen Edelweiss Group's Rs 31000 crore Global Asset Management businesses, which include the Group's existing mutual fund business, credit alternative funds, offshore funds and equity funds, the company said in a statement. The Global Asset Management business spans multiple asset classes, client segments and geographies, it added.
On consolidated basis, Edelweiss Financial Services' net profit rose 27.5% to Rs 105.66 crore on 39.9% growth in total income to Rs 1343.26 crore in Q3 December 2015 over Q3 December 2014.
Edelweiss Financial Services offers a range of products and services spanning retail finance, debt capital markets, commodities, financial markets, asset management and life insurance.
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