Religare Enterprises spikes 10 per cent; narrows loss in Q2

Financial services holding company Religare Enterprises shot up by 10 per cent to Rs. 46.20 per share in early trade on Wednesday. The stock breached its upper circuit on Wednesday for the second consecutive day on the back of a narrowing loss for the second quarter of FY18.
 
Religare Enterprises announced its financial results for the second quarter of FY18 on Tuesday. The company’s net loss narrowed to Rs. 30.50 crore for the corresponding period against Rs. 47.39 crore in the July quarter of FY18. Besides a reduction in its net loss, the company also posted an increase in income by 85.61 per cent for the July-September quarter. The total income of the company grew to Rs. 17.86 crore in Q2FY18 against Rs. 2.57 crore in the previous quarter of the fiscal.
 
In other news, the non-executive chairman of the company, Malvinder Mohan Singh stepped from position for S Lakshminarayan to take over the position from Tuesday onward.
 
The stock breached an upper circuit of Rs. 46.20 per share and also witnessed a spurt in volume by more than 2.12 times on BSE on Wednesday. The stock witnessed an intraday high of Rs. 46.20 per share and an intraday low of Rs. 44 per share on Wednesday. The stock had hit its 52-week high of Rs. 287 per share on November 15, 2016 and its 52-week low of Rs. 34.25 per share on September 28, 2017 on BSE. At 1121 hours IST, the stock stood at Rs. 46.20 per share, higher by 10 per cent.