The sellers were Edelweiss Employees Welfare Trust and Edelweiss Employees Incentives and Welfare Trust, which offloaded 11.29 lakh and 53 lakh shares, respectively, in Tuesday’s trade.
Shares of Edelweiss Financial Services jumped 7% on Tuesday to close at Rs 107.85 on an otherwise dull day where both headline indices, Sensex and Nifty, settled with 1% cuts.
The stock has been a market laggard, declining by nearly 2% in the past year versus 1% fall in the heartbeat indices. However, the stock has put up a fight in the last six months, rising nearly 14% when Nifty and Sensex have gained 10% and 8%, respectively.
The stock is trading above its 50-day and 200-day simple moving averages of Rs 107 and Rs 104, respectively, though marked by sharp volatility. A trendline data suggests the stock’s 1-year beta at 1.5.
Edelweiss Financial Services reported a consolidated Q1 net profit of Rs 67 crore, which is a growth of 13.4% on a year-on-year basis. Total revenues stood at Rs 2,281 crore, which is a fall of 2.4% over the corresponding quarter of the last financial year.Also Read: Bulk deals buzz: Eternal nets Rs 3,220 crore buying, Swiggy sees sell action by BNP, Societe Generale
Edelweiss is a financial services conglomerate, offering a platform to a diversified client base across domestic and global geographies.
Our continuous and single-minded focus is on understanding customers’ needs and offering the right financial solutions. Present in every financial life stage of a customer, helping them create wealth, grow wealth and protect everything, are our key lines of business. It has business interests in retail credit, asset management, asset reconstruction and insurance.
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