IIFL Securities jumped 4.17% to Rs 50 after the company said its insurance unit received the regulatory approval to undertake insurance e-commerce activities.
IIFL Insurance Brokers, a wholly-owned subsidiary of IIFL Securities, received permission from Insurance Regulatory Development Authority (IRDA) for undertaking insurance e-commerce activities (i.e. online sale and service of insurance policies) in India through Insurance Self Networking Platform (ISNP).
IIFL Securities along with its subsidiaries offers advisory and broking services, financial products distribution, institutional research and investment banking services.
The company's consolidated net profit jumped 104.9% to Rs 50.92 crore on 18% increase in total income to Rs 218.22 crore in Q2 September 2020 over Q2 September 2019.
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