Reliance Capital rallies on turnaround Q4 results

Reliance Capital has rallied  6% at Rs 309 on reporting a consolidated net profit of Rs 329 crore for the fourth quarter ended March 2012, compared to a net loss of Rs 6 crore during the same period last year, on back of higher income.

“Total income grew 25% on year-on-year basis at Rs 2,002 crore in Q4FY12, mainly on account of sale of stake in the life insurance business, and increase in topline of commercial finance and broking and distribution businesses,” the Anil Dhirubhai Ambani (ADA) group company said in a filing to the stock exchanges.

Meanwhile, the board of directors of the company has recommended a dividend of 75% or Rs 7.50 per equity share of Rs 10/- each for the financial year 2011-12.

The combined around 100,000 shares have changed hands on the counter in opening deals on both the exchanges.