Reliance Capital hits 52-week high post Q1 results
STOCK MARKET - Reliance Capital hit 52-week high of Rs 698, up 6% on BSE in early morning trade in an otherwise weak market, after the company reported 15% rise in consolidated net profit at Rs 238 crore during the first quarter on back of strong growth in all business segments. The company had posted profit of Rs 207 crore in year ago quarter.
Total income during the quarter under review rose 33% to Rs 4,857 crore from Rs 3,663 crore in the corresponding previous period. The profit before tax of the mutual fund business grew 23% to Rs 150 crore. Assets under management grew 23% to Rs 3.62 lakh crore at the end of the quarter. The commercial finance business of the company reported 44% in net profit to Rs 65 crore, while the general insurance arm posted 22% growth in net profit to Rs 44 crore during the quarter. “Listing of Reliance Nippon Life Asset Management and Reliance General Insurance to be completed in FY18, subject to necessary regulatory approvals,” Reliance Capital said in a press release. GET LIVE UPDATES ON SHARE MARKET
ARTICLE SOURCE – BUSINESS STANDARD