IIFL gains on plans to set up small finance bank

IIFL Holdings rose 1.97% to Rs 183.95 at 10:00 IST on BSE after the company said that it has submitted an application to Reserve Bank of India for a license for setting up Small Finance Bank.

The company made the announcement after market hours yesterday, 2 February 2015.

Meanwhile, the BSE Sensex was up 71.21 points, or 0.24%, to 29,193.48.

On BSE, so far 1,411 shares were traded in the counter, compared with an average volume of 17,569 shares in the past one quarter.

The stock hit a high of Rs 184.40 and a low of Rs 182.90 so far during the day. The stock hit a 52-week high of Rs 196.35 on 29 January 2015. The stock hit a 52-week low of Rs 60 on 30 January 2014.

The stock had outperformed the market over the past one month till 30 January 2015, rising 6.83% compared with 6.49% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 5.23% as against Sensex's 6.72% rise.

The mid-cap financial services company has an equity capital of Rs 61.33 crore. Face value per share is Rs 2.

IIFL Holdings said that the company has submitted an application to Reserve Bank of India (RBI) for a license for setting up Small Finance Bank, pursuant to the RBI Guidelines for Licensing of Small Finance Banks in the Private Sector and the approval of the board of directors of the company.

IIFL Holdings' consolidated net profit rose 67.4% to Rs 112.34 crore on 34% rise in total income to Rs 924.50 crore in Q3 December 2014 over Q3 December 2013.

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