Religare Enterprises share price jumps 10% to hit 52-week high amid reports of Burman family raising stake

livemint.com:

Religare Enterprises share price rallied more than 10% to touch a 52-week high of ₹242.55 apiece on the BSE Wednesday amid several media reports that the Burman family is likely to have bought anywhere around 5% to 7% stake in the company via a block deal. The Burman family owns over 14% stake in the diversified financial services company through different entities and as per ET NOW report, the family is likely to have bought additional 7.6% stake in Religare Enterprises.

It holds the controlling stake in Dabur Ltd. Religare Enterprises is a financial services company that offers a slew of services including SME loans, insurance, retail broking and affordable housing finance.

Also Read: IndiGo share price dips over 4% as Gangwal family sells stake via block deal The company had posted a consolidated net profit of ₹92.53 crore in the quarter ended June 2023 as against a net loss of ₹76.20 crore in the corresponding quarter of last year. Its total revenue in Q1FY24 increased to ₹1,302.46 crore from ₹1,051.07 crore, YoY.

Religare Enterprises share price has gained 37% this year so far and the stock has rallied more than 83% in the last one year period. At 2:10 pm, Religare Enterprises shares were trading 8.11% higher at ₹238.00 apiece on the BSE.