Reliance Capital gains almost 4%

Reliance Capital is a big gainer on the BSE currently, up almost 4% at Rs.326, its current intra day high point. The stock had closed yesterday at Rs.314. Market cap of the company is at Rs.8012 crore.

The stock is up on unconfirmed reports that the company is spin off its consumer lending business into a new unit and sell stakes of just under 5% to two Japanese firms - Sumitomo Mitsui Trust bank and Nippon Life Insurance.  This move to sell stake is being made to boost its chances of getting a banking license ahead of the deadline for applications on July 1.