Stocks

Reliance Capital surges on 4-fold jump in June-quarter profit

Reuters August 16 | Updated on August 16, 2019 Published on August 16, 2019

Shares of non-banking finance company, Reliance Capital, surged as much as 12.1 per cent to their highest since August 7.

The company reported an over four-fold increase in June-quarter profit late on Wednesday, partly helped by a jump in net gain on fair value changes.

Reliance Capital also reported its audited March-quarter results on Wednesday, which had been delayed due to the resignation of auditors PwC in June.

The company posted a narrower March-quarter loss of Rs 2,304 crore, versus a loss of Rs 4,025 crore last year.

The stock has marked its sharpest intra-day jump since June 26; over 21 million shares changed hands by 0617 GMT, against the 30-day average of 20.1 million shares.

Reliance Capital's stock has plunged nearly 80 per cent this year up to last close on Wednesday; the markets were closed on Thursday for a public holiday ($1 = 71.2750 rupees)

Published on August 16, 2019
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