Reliance Nippon rose almost 5% to Rs.161.60 and figures among the most trending stocks in the news and social media today morning.
The positive buzz around the stock is on account of the news that it has received the mandate from Employees’ State Insurance Corporation to manage its funds. The total investment of ESIC stood at Rs 59,382 crore as on March 31, 2017.
This is a big win for Anil Ambani’s company and becomes the only AMC which manages all the four prestigious mandates of India - Employees’ Provident Fund Organization (EPFO), The Coal Mines Provident Fund Organization (CMPFO) and The Pension Fund Regulatory and Development Authority (PFRDA).
The company has a total AUM of Rs. 4.10 lakh crore and had 83 lakh investor folios as of June 2018.