It was a phenomenal day for Religare Enterprises, a financial services company in India offering a wide range of financial products and services, which ended the day at Rs 522, up 182%. The stock spurt to Rs 601 (a premium of 225% over its offer price of Rs 185) in early trade and remained above Rs 500 through the day despite negative sentiment across the market (the Sensex lost more than 670 points).
Continued buying support and management's outlook about future helped the stock to remain in limelight.
Sunil Godhwani, CEO and MD of Religare Enterprises said (in an interview with CNBC-TV18) majority of their revenues come from the broking business. He sees the broking business contributing close to 60% going forward and the rest would be comprised of 60% retail and 40% from i-banking.
The share rose 182.16% to close at Rs 522, with volumes of 1,60,54,884 and the turnover stood at Rs 894.72 crore. It has touched a high/low of Rs 601 and Rs 323.75, respectively on the NSE.
Malvinder Singh, Chairman, Religare Enterprises, said the company is open to more partnerships and acquisitions. Singh said Religare Enterprises plans to enter into the life insurance business with Aegon.
On the BSE, it ended at Rs 521.70, with volumes of 1,11,97,515 shares.The company had entered capital markets with an initial public offering (IPO) of 7,576,102 equity shares for cash. The issue was subscribed approximately around 160.56 times. The net proceeds of the issue would be utilized towards expansion of the domestic operations as well as the network of branches of two of its subsidiaries, Religare Securities Limited and Religare Insurance Broking Limited; funding the retail finance business as well as funding the leading business, through investment in its subsidiaries, Religare Finvest Limited and Religare Finance Limited....
Religare to enter life insurance biz with Aegon
Broking biz to add 60% to revs: Religare Ent
Religare has potential to surge 30%: Tulsian
Religare Enterprises debuts with 75% premium
Broking to account for at least 60% of Religare's revenues
Religare will trade at Rs 650-700 in near term
Varun Industries to list on November 22
Renaissance Jewellery IPO subscribed 18x
Source: www.moneycontrol.com We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying. Blog is not responsible for any faulty information.
No comments:
Post a Comment