Reliance Capital on Monday posted nearly three-fold rise in consolidated net profit at Rs 133 crore for the first quarter ended June, 2013 on the back of all-round growth.
With the RBI and government curbing gold imports, the mutual fund and jewelry industry have taken a hit. Reliance capital has pulled the plug on its gold products. The jewelry industry is asking the government for safeguards. Reports CNBC-TV18‘ Manasvi Ghelani and Farah Bookwala.
Reliance Capital is suspending sale of gold in physical form, including supply of gold coins through India Post and its asset management arm will also suspend new subscriptions in Reliance Gold Savings Fund.
Speaking to CNBC-TV18, Sam Ghosh, CEO of Reliance Capital says he expects the general insurance business to turn profitable in FY14.
Sam Ghosh of Reliance Capital explains on CNBC-TV18, after the announcement of quarterly results, that the company was able to post a profit of over Rs 100 crore due to an effective turnaround in each of its businesses.
Financial services major Reliance Capital group has begun talks to sell 26 per cent equity in its general insurance arm to a foreign partner, and is open to selling further stake in life insurance and mutual fund units.
Sam Ghosh, CEO, Reliance Capital explains to CNBC-TV18 that though the company made an overall profit of Rs 400 crore, booking the whole year's third-party motor provisioning in the quarter caused a loss of Rs 120 crore in the general insurance business.