Reliance Capital surged over 2 per cent intraday on Wednesday after company's chairman Anil Ambani while addressing shareholders at annual general meeting (AGM) said that he expects to list its home finance arm separately by April 2017.
Reliance Capital surged over 2 per cent intraday on Wednesday after company’s chairman Anil Ambani while addressing shareholders at annual general meeting (AGM) said that he expects to list its home finance arm separately by April 2017. He further added that commercial lending and insurance arms can also be listed separately at an “appropriate time”. The company will also develop a new vertical for consumer lending business for better growth and profitability and will re-launch its commodity exchange with focus on diamond and crude oil futures. Diamond futures will be the flagship product with potential daily turnover of over Rs 6,000 crore.
At 12.40 pm, Reliance Capital shares were trading 1.61 per cent up at 566.10 on BSE. The scrip opened at Rs 560.15 and touched a high and low of Rs 569 and Rs 557.50, respectively. Later, the scrip settled the day 1.60 per cent up at Rs 566.05.
On NSE, the scrip was trading 1.96 per cent up at Rs 567.60 at 12.40 pm. The scrip opened at Rs 559 and touched a high and low of Rs 569.85 and Rs 557.05, respectively. The scrip settled 2.10 per cent up at Rs 568.40 on NSE.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52-week-high of Rs 595.70 on Sep 23, 2016 and a 52-week-low of Rs 303.60 on Feb 12, 2016. The promoters holding in the company stood at 52.13 per cent, while Institutions and Non-Institutions held 28.47 per cent and 19.40 per cent, respectively.
Anil Ambani also said he expects Reliance Capital exponential growth in health insurance, going forward, even though it accounts for a smaller portion as of now, adding that the company will apply for conversion to a Core Investment Company (CIC) status by March 2017.
Reliance Capital is a systemically important non-deposit taking NBFC. The company is part of the Reliance group led by Anil Dhirubhai Ambani. It currently operates as the holding company for the group’s entities in the financial services sector.