Reliance Capital up over 10% after Nippon deal

Shares of Reliance Capital today zoomed by nearly 10% on BSE after it said that Japan's Nippon Life Insurance would acquire 26% stake in its insurance arm for $680 million.

At present, Reliance Capital holds 100% stake in Reliance Life Insurance.

Cheering the deal, Reliance Capital scrip advanced by 9.72% to settle at Rs 561.80 a piece on Bombay Stock Exchange (BSE). In intra-day, the stock rose by 10.43% to Rs 565.50.

The scrip settled 9.90% higher at Rs 562.85 a piece on the National Stock Exchange as well. On the volume front, over one crore shares of the company were traded on the two bourses.

This is the largest Foreign Direct Investment deal in Indian financial services sector as well as insurance.

Monday was a good trading session for the entire ADAG pack. Reliance Communications closed with a gain of 4.36%, Reliance Infrastructure ended higher by 3.48%, while Reliance Power rose by 3.58%, Reliance MediaWorks by 2.85%.

Meanwhile, the BSE barometer index Sensex closed with a gain of 265.39 points at 18,439.48 level.