Edelweiss Financials gains on plans to enter general insurance

IRDA has accepted the registration application (R1) for setting up a general insurance company

Shares of Edelweiss Financial Services were up over 2% at Rs 81 after the company said it plans to enter the general insurance business.

Insurance Regulatory and Development Authority of India (Irdai) has accepted the registration application (R1) for setting up a general insurance company, filed by Edelweiss General Insurance Company, a wholly owned subsidiary, Edelweiss Financial Services said in a note.

R1 is the first step of regulatory clearances required for carrying on the business as general insurance company in India.

The stock opened at Rs 82 and touched a high of Rs 83. At 9:50am, over 1.3 million shares were traded on both the stock exchanges.