Edelweiss Capital rose 3.5% to Rs 855.50 at 15:14 IST on BSE after the financial services firm received regulatory approval from the Securities and Exchange Board of India to start mutual fund business.
The stock hit a high of Rs 873.15 and a low of Rs 830 so far during the day. The stock had a 52-week high of Rs 1975 on
The company’s current equity is Rs 37.47 crore. Face value per share is Rs 5.
The current price of Rs 855.50 discounts Q3 December 2007 annualized EPS of Rs 2.22 by a PE multiple of 385.13.
Edelweiss Asset Management, which will act as investment manager to Edelweiss Mutual Fund, plans to launch 8-9 products over the next 12 months. The product portfolio would include broad based equity funds structured products, arbitrage funds and other innovative fixed income and equity funds in line with requirements of the market.
Edelweiss Capital’s net profit had declined 38.2% to Rs 4.15 crore on 141.7% growth in net sales to Rs 46.15 crore in Q3 December 2007 over Q3 December 2006.
Edelweiss Capital provides investment banking, institutional equities, private client broking, asset management, wealth management, insurance broking and wholesale financing services to corporate, institutional and high net worth individual clients.
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