Religare Enterprises hits 52-week high as Burman family likely to increase stake

16 Aug 2023 , 02:33 PM

Religare Enterprises (REL) shares soared over 10% to a 52-week high of Rs 242.90 on the NSE on Wednesday, following the Burman family’s expected 7.6% stake purchase in the diversified financial services company via a block sale.

The Burman family, which controls FMCG giant Dabur, already owns more than 14% of Religare Enterprises through several businesses.

The price increase was accompanied by a jump in volume, with over 58.90 lakh shares changing hands on the NSE around 2.30 P.M. 

At around 2.27 PM, Religare Enterprises was trading 5.86% higher at Rs 233, against the previous close of Rs 220.10 on NSE. 

Through its underlying subsidiaries and operating organizations, Religare Enterprises provides a variety of financial services, including loans to SMEs, Affordable Housing Finance, Health Insurance, and Retail Broking.

Religare Enterprises reported a net profit of Rs 93 crore on a consolidated basis, compared to a loss of Rs 76 crore in the same period last year. Total income climbed to Rs 1,302 crore in the current quarter from Rs 1,051 crore in the previous fiscal’s first quarter.

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