Reliance Capital shares up over 3% post Q2 earnings

Reliance Capital shares up over 3% post Q2 earnings Mumbai: Shares of Reliance Capital on Wednesday rose by over 3 percent after it posted net profit of Rs 401 crore for the quarter ended September 30, 2012.

After making a bullish opening, shares of the company further gained 3.54 percent to Rs 408.45 on the BSE.

At NSE, the scrip jumped 3.52 percent to Rs 408.50.

Reliance Capital yesterday posted a consolidated net profit of Rs 401 crore for the July-September quarter of the current fiscal.

The company had net profit of Rs 33 crore in July-September quarter of 2011.

It's total income rose to Rs 2,437 crore in the second quarter ended September 30, 2012. It the year-ago period, it had reported total income of Rs 1,573 crore.

R-Cap attributed the impressive quarterly earnings to increase in topline of commercial finance business and gains accrued from the stake sale in Reliance Capital Asset Management.

It said that financial results for the current quarter are not comparable with previous corresponding quarter as Viscount Management Services (Alpha) Ltd, amalgamated with the company with effect from October 2011.

In the broader market, the BSE 30-stock index, Sensex, was trading at 18,925.81, up 104.28 points at 1037 hrs.

PTI