Edelweiss Financial jumps after board hikes FII limit

Edelweiss Financial Services jumped 4.55% to Rs 26.40 at 10:33 IST on BSE after the company said its board has increased foreign institutional investors' investment limit in the equity share capital of the company to 28% from 24% earlier.

The announcement was made during trading hours today, 27 November 2013.

Meanwhile, the BSE Sensex was down 17.10 points, or 0.08%, to 20,407.92.

On BSE, 31,000 shares were traded in the counter compared with average volume of 1.72 lakh shares in the past one quarter.

The stock hit a high of Rs 26.80 and a low of Rs 25.15 so far during the day. The stock hit a 52-week high of Rs 40 on 19 December 2012. The stock hit a 52-week low of Rs 27.20 on 28 August 2013.

The stock had underperformed the market over the past one month till 26 November 2013, sliding 17.21% compared with the Sensex's 1.25% fall. The scrip had also underperformed the market in past one quarter, falling 15.13% as against Sensex's 10.06% rise.

The small-cap company has an equity capital of Rs 76.90 crore. Face value per share is Re 1.

On a consolidated basis, Edelweiss Financial Services reported 11% growth in net profit to Rs 46 crore on 15% increase in total revenue to Rs 586 crore in Q2 September 2013 over Q2 September 2012.

Edelweiss Financial Services' operations straddle the entire spectrum of financial services in the wholesale and retail market segments including credit, capital markets & asset management, commodities and life insurance.

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