Reliance Capital rose 3.91% to Rs 535.75 at 14:15 IST on BSE on reports company is looking to sell its 16% stake in leading travel portal Yatra.com for an estimated Rs 500 crore and is in talks with two-three international investors.
Meanwhile, the BSE Sensex was up 20.41 points, or 0.07%, to 27,829.05.
On BSE, so far 8.7 lakh shares were traded in the counter, compared with an average volume of 6.06 lakh shares in the past one quarter.
The stock hit a high of Rs 537.50 and a low of Rs 518.20 so far during the day. The stock hit a 52-week high of Rs 668.40 on 9 June 2014. The stock hit a 52-week low of Rs 304.55 on 28 February 2014.
Shares of financial services company had outperformed the market over the past one month till 8 December 2014, rising 12.47% compared with 0.9% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 3.2% as against Sensex's 2.93% rise.
The deal would mark an over 12-times appreciation for this investment by Reliance Capital, the financial services arm of Anil Ambani-led business conglomerate Reliance Group, which had acquired stake in the online travel company for Rs 40 crore in 2006, report said.
However, Reliance Capital with respect to a news item captioned "RCAP to gain 12-fold from Rs 500 cr Yatra.com stake sale", clarified during market hours that the company is continuously engaged in evaluating opportunities to unlock value from all its minority investments in non-core areas outside its financial services businesses. As and when any transaction is finalised resulting in a disclosable event, the stock Exchanges will be promptly informed as required under Clause 36 of the Listing Agreement.
Meanwhile, as per reports a parliamentary committee has recommended a composite cap of 49% on foreign investment in insurance in a report tabled in the Rajya Sabha today, 10 December 2014.
Reliance Capital's consolidated net profit rose 19.9% to Rs 217 crore on 11.5% rise in total income to Rs 2084 crore in Q2 September 2014 over Q2 September 2013.
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