NEW DELHI: Shares of Reliance Home Finance (RHF), the demerged home finance business of Reliance Capital, hit upper circuit on the listing day. The scrip got list at Rs 104 on BSE and at Rs 102.10 on NSE on Friday.

Shares of the company surged 5 per cent to Rs 109.20 on BSE in opening trade, while RHF shares climbed 5 per cent at Rs 107.20 on NSE.

Reliance Capital shareholders would get a share of Reliance Home Finance for each share of Reliance Capital held. The parent company will still hold 51 per cent stake in RHF.

The HFC managed Rs 13,022 crore assets as of June end, is targeting Rs 50,000 crore in assets by FY20.

For the quarter ended June 30, 2017, Reliance Home Finance reported a 58 per cent jump in total income at Rs 374 crore. The disbursements were Rs 2,655 crore during the period under review and the assets under management as on June 30, 2017 stood at Rs 13,022 crore.

The gross non-performing assets ratio was at 0.8 per cent as on June 30, 2017.

Edelweiss which met CEO of Reliance Home Finance Ravindra Sudhalkar noted that the company is looking to focus on cost rationalisation along with digital leverage will help cut cost. Besides, is looking to cut cost/income and strengthen credit appraisal & monitoring systems to ensure stable asset quality.