IIFL Wealth stock gains 5% post bulk deal on NSE

Shares of IIFL Wealth were in focus today after General Atlantic Singapore Fund sold stake worth Rs 564 crore in the company via open market transactions. IIFL Wealth stock rose nearly 5% in early trade to Rs 1900 against the previous close of Rs 1813.95 on BSE.

IIFL Wealth shares were trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock opened higher at Rs 1843.95 against the previous close of Rs 1813.95 on BSE. The stock has gained 25.21% in a year and risen 30% in 2022.  

Total 1186 shares of the firm changed hands amounting to a turnover of Rs 22.23 lakh in the morning session. Market cap of the firm rose to Rs 16,590.30  crore on BSE.

The fund offloaded 31.15 lakh shares in IIFL Wealth at an average price of Rs 1,810.09 apiece. However, Capital Income Builder bought 30.43 lakh shares in the company at an average price of Rs 1,810 per share.

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IIFL Wealth Management reported a 23% rise in consolidated profit after tax (PAT) at Rs 173 crore for Q2FY23, against Rs 140 Cr in Q2FY22. On a QoQ basis, profit rose 8% from Rs 160 Cr in Q1FY23. The company net profit rose 28% to Rs 333 crore for H1 FY23. The company's operating profit before tax (OPBT) stood at Rs 410 crore for H1FY 23, up 51% YoY and operating profit before tax (OPBT) stood at Rs 203 crore in Q2FY23, up by 2% QoQ and 44% YoY. Total revenues stood at Rs 405 crore in the September quarter, up 12% YoY and 10% QoQ, and Rs 774 crore for H1 FY23 up 16% YoY.

IIFL Wealth Management is primarily engaged in wealth and asset management services, including financial asset distribution, broking, lending, credit and investment solutions, and asset and portfolio management. The company's segments include Wealth Management and Asset Management.