Future Capital Holdings gains on investment plan

Future Capital Holdings spurted 3.54% to Rs 553 at 11:10 IST on BSE after its board approved an investment of Rs 75 crore for 50.1% stake in Centrum Direct, a wholly owned subsidiary of Centrum Capital.

The company made this announcement after market hours on 11 March 2008. Centrum Capital hit upper circuit limit of 5% at Rs 1,302.

Meanwhile, BSE Sensex was up 336.27 points or 2.09% to 16,463.78.

On BSE, 34,833 shares were traded in the counter. The scrip had an average daily volume of 8.92 lakh shares in the past one quarter.

The stock hit a high of Rs 574 and a low of Rs 552 so far during the day. The stock had a 52-week high of Rs 1,190 on 7 February 2008 and a 52-week low of Rs 500 on 10 March 2008.

The company’s current equity is Rs 63.23 crore. Face value per share is Rs 10.

Centrum Direct is engaged in foreign exchange money changing business.

The board of Future Capital Holdings (FCH) also approved an investment of Rs 25 crore for 50.1% stake in Centrum Wealth Managers a company that will undertake activities of retail broking (including portfolio management services) and distribution of financial and insurance products and services.

Future Capital Holdings was listed on the bourses on 1 February 2008. The stock had debuted at Rs 1081, a premium of 41.3% over the IPO price.

On a consolidated basis, FCH reported net loss of Rs 12.43 crore on total income of Rs 31.27 crore in 6 months ended 30 September 2007. It reported net profit of Rs 3.49 crore on total income of Rs 38.99 crore in the year ended 31 March 2007.

Future Capital Holdings is the financial services arm of the Future Group. It is currently in three primary businesses: investment advisory services, retail financial services, and research.