Religare on 10% UC

Religare Enterprises is the top gainer on the BSE since the opening bell. The stock which had breached the lower circuit yesterday, today hit the 10% upper circuit at Rs.46.10.

The company announced its Q2FY18 numbers yesterday and though its net profit remained in the red, the market was celebrating the narrowing of this loss. The net loss for current Q2 came in at Rs.30.50 crore from loss of Rs.39.50 crore (YoY). It is not even like a huge narrowing of the loss gap!

In fact its revenue from operations fell by a huge 78% to Rs.3 crore from Rs.12 crore. It was the other income of Rs.15 crore (reversal of provision) which helped boost the total income to Rs.18 crore.

The company has roped in some big names for its Board. Malvinder Singh resigned as CEO and  also as non-executive Chairman. They have appointed former Home Secretary S Lakshminarayanan as its new executive chairman. They have also got former Deputy Governor of Reserve Bank of India Kishori Udeshi on the Board.