Edelweiss Financial Services gained 4.5% to Rs 175.45 at 14:00 IST on BSE after the company announced that IRDAI accepted the registration application form for setting up a company's general insurance arm.
The announcement was made during market hours today, 6 April 2017.Meanwhile, the S&P BSE Sensex was down 108.58 points or 0.36% at 29,860.76.
On the BSE, 4.78 lakh shares were traded in the counter so far as against average daily volume of 25.09 lakh shares in the past one quarter. The stock had hit a high of Rs 175.95, in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 168.70 so far during the day. The stock had hit a 52-week low of Rs 53.40 on 8 April 2016.
It had outperformed the market over the past one month till 5 April 2017, advancing 25.53% compared with the Sensex's 3.96% rise. The scrip had also outperformed the market over the past one quarter, surging 70.2% as against the Sensex's 11.52% rise.
The large-cap company has equity capital of Rs 83.26 crore. Face value per share is Re 1.
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Edelweiss Financial Services announced that The Insurance Regulatory & Development Authority of India (IRDAI) has accepted the registration application form IRDA/R2, for setting up a General Insurance Company in India, filed by Edelweiss General Insurance Company, a wholly owned subsidiary of the company.
This is the second stage of regulatory clearances required for carrying on the business as a general insurance company in India.
Separately, company announced after market hours yesterday, 5 April 2017 that Ecap Equities, a wholly owned subsidiary of the company entered into a share purchase agreement for purchase of 100% stake in Alternative Investment Market Advisors Private Limited (AIMIN) from its existing shareholders. AIMIN will become a wholly owned subsidiary of Ecap and in turn of the company.
AIMIN is a fintech company for fixed income analytics with innovative trade protocols that aids bond markets with efficient price discovery. This acquisition will help grow Edelweiss's fixed income advisory business.
On a consolidated basis, Edelweiss Financial Services' net profit rose 46.9% to Rs 155.18 crore on 20% growth in net sales to Rs 1612.47 crore in Q3 December 2016 over Q3 December 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.
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