RCL touches all-time high on BSE

Anil Dhirubhai Ambani Group company Reliance Capital's scrip touched an all-time high of Rs 772.9 on the BSE on Tuesday, 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, Reliance Capital 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 Monday'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 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 (Rs 3.5 trillion) mark, adding over Rs 24,000 crore (Rs 240 billion) 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 takenover the mutual funds business of Standard Chartered in India for $120 million.