Brokerages firms share prices hit new 52-week high, soar up to 15% - Angel Broking leads the pack
Brokerages firms share prices hit new 52-week high, soar up to 15% - Angel Broking leads the pack
The shares of Indian brokerage firms are on a roll lately on the exchanges, with the majority of them hitting a new life high on Friday amid expectation of strong first-quarter numbers.
On the back of healthy earning, Angel Broking shares hit a new life high and were locked in an upper circuit of 20 per cent to Rs 1274.45 per share on the BSE today. The company reported more than double net profit at Rs 121.4 crore in Q1 FY21 versus Rs 47.3 crore in the same period a year ago.
See Zee Business Live TV Streaming Below:
The shares of Geojit Financial and Motilal Oswal Financial each jumped over 15 per cent and touched a respective new 52-week high to Rs 1179 and 102.65 per share on the BSE intraday trade.
Edelweiss Financial shares were also trading near life high and soared 12 per cent to Rs 101 per share on the BSE intraday trade today. While ICICI Securities and IIFL Securities each soared over 10 per cent, also hit a new life high to Rs 802 and Rs 125.7 per share on the BSE intraday trade.
Similarly, the shares of JM Financial too hit a new record high after zooming over 9 per cent to Rs 117.5 per share on the BSE intraday trade today. In comparison, the S&P BSE Sensex was up 0.01 per cent at 53166.57, at around 03:00 pm.
The year 2020-21 witnessed broking firms registering a surge in the number of retail investors from Tier II, III, and beyond cities, who aspire for better returns over fixed income securities.
With deeper penetration of equity culture, rising disposable incomes, and more population entering the working-age bracket, the demand for equity investment will continue to grow further. In this scenario, players with robust digital capabilities will undoubtedly be the direct beneficiaries.
Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE. It’s a technology-led financial services company providing broking and advisory services, margin funding, loans against shares, and financial products distribution to clients.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.