Edelweiss Financial Services, Religare Enterprises in demand

Edelweiss Financial Services and Religare Enterprises were trading up by 1.63% to 4.95% at 12:53 IST on BSE after Edelweiss Financial Services said it will acquire securities business of Religare Enterprises.

The announcement was made during trading hours today, 20 December 2017.

Religare Enterprises (up 4.95%) and Edelweiss Financial Services (up 1.63%), edged higher.

The S&P BSE Sensex was up 54.35 points, or 0.16% at 33,891.09.

Edelweiss Financial Services announced that Edelweiss Wealth Management will acquire Religare's securities business, which includes securities and commodities broking, and depository participant services. Edelweiss will also take on the pan-India distribution of around 1,250 points of presence including over 90 branches, over 1 million clients and the employees of the business. The acquisition is subject to receipt of requisite regulatory clearances and fulfillment of terms and conditions customary to a transaction of this nature.

On a consolidated basis, Edelweiss Financial Services' net profit rose 44.86% to Rs 209.20 crore on 26.39% increase in total income to Rs 2017.98 crore in Q2 September 2017 over Q2 September 2016.

Religare Enterprises reported net loss of Rs 30.50 crore in Q2 September 2017 compared with net loss of Rs 39.54 crore in Q2 September 2016. Total income rose 50.72% to Rs 17.86 crore in Q2 September 2017 over Q2 September 2016.

The Edelweiss Group is one of India's leading diversified financial services companies providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals.

Religare Enterprises offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to small/medium-sized enterprises (SMEs), affordable housing finance, health insurance and capital markets.

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