RCL touches all-time high on BSE | business | Hindustan Times
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RCL touches all-time high on BSE

business Updated: May 08, 2007 12:39 IST

Anil Dhirubhai Ambani Group company Reliance Capital's scrip on Tuesday touched an all-time high of Rs 772.9 on the BSE, surging four per cent, on market speculation following the news that global financial giants are interested in buying stake in the company's mutual fund business.

As per media reports four global financial giants, including Schroders, Blackstone and US-based Capital, have submitted offers to Reliance Capital for buying a small stake in its mutual fund business -- Reliance Capital Asset Management.

However, when contacted the Reliance Capital, the spokesman declined to comment on receiving such offers.

The shares of the company opened firm and later touched the 52-week high of Rs 772.90 over yesterday's close of Rs 742.50. The scrip later parted some gains and was trading at Rs 768, up 3.43 per cent, in over 4.03 lakh shares changing hands on the BSE.

Assets under management (AUM) in India have witnessed tremendous growth in the last few years due to robust stock market and investors' demand. The collective asset of fund houses in the country surpassed Rs 3.5-lakh-crore mark, adding over Rs 24,000 crore in April.

Recently, BNP Paribas Asset Management had acquired 49.9 per cent stake in Sundaram Asset Management and in January UBS Global Asset Management had taken over the mutual funds business of Standard Chartered in India for 120 million dollars.