Religare Enterprises jumps 10% to 52-week high on reports of Burman family increasing stake

The Burman family, which owns a controlling stake in FMCG major Dabur, already owns more than 14% stake in Religare Enterprises through various entities. The news was reported by ETNow.

The surge in price action was accompanied by high volume with over 44.26 lakh shares changing hands on NSE around 11:30 am. The price action also took the stock into an overbought zone with the day’s RSI and MFI reaching 76.5 and 93.5, according to Trendlyne data.

Religare Enterprises offers a suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance, and Retail Broking.

REL narrowed its standalone net loss to Rs 6 crore for the June quarter. The company had posted a loss of Rs 14 crore in the year-ago period.

Total revenues increased to Rs 8 crore during the quarter under review against Rs 7 crore a year ago, the company said in a regulatory filing on Wednesday. The total expenses remained almost flat at Rs 20.48 crore at the end of the first quarter.

On a consolidated basis, Religare Enterprises recorded a net profit of Rs 93 crore, against a loss of Rs 76 crore in the same quarter a year ago. The total income increased to Rs 1,302 crore for the quarter under review compared to Rs 1,051 crore in the first quarter of the previous fiscal.

Religare Enterprises shares have given returns of more than 87% over a 12-month period, compared to a nearly 10% return by the Nifty during this period.

Meanwhile, shares of Dabur were trading 0.50% lower from Monday’s closing price. The stock markets were shut on Tuesday on account of Independence Day.

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