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Emkay Global drops after recent sharp rally

Capital Market 

Financial Services lost 1.03% to Rs 135 at 9:47 on BSE, with the stock sliding on profit booking after recent strong rally.

Meanwhile, the S&P Sensex was up 37.92 points or 0.12% at 31,141.41. The S&P Small-Cap index rose 20.96 points or 0.14% at 15,538.89.

On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 1.18 lakh shares in the past two weeks. The stock had hit a high of Rs 137.95 and a low of Rs 130.95 so far during the day. The stock had hit a 52-week high of Rs 141.05 yesterday, 13 June 2017 and a 52-week low of Rs 51 on 22 November 2016.

Shares of Financial Services had rallied 60.28% in the preceding six trading sessions to settle at Rs 136.40 yesterday, 13 June 2017, from its closing of Rs 85.10 on 5 June 2017.

Meanwhile, Financial Services said that company and DBS Vickers Securities (Singapore) Pte Ltd, a wholly owned subsidiary of DBS Bank have signed an exclusive agreement for sharing of knowledge, co-branding of research and its distribution to the global clients of DBS Vickers.

The alliance would facilitate DBS Vickers to enhance its service offering to its clients, while enabling Emkay to expand its reach. The announcement was made after market hours yesterday, 13 June 2017.

On consolidated basis, Emkay Global Financial Services' net profit surged 95.2% to Rs 4.04 crore on 23% growth in total income to Rs 32.01 crore in Q4 March 2017 over Q4 March 2016.

Emkay Global Financial Services is involved in providing financial services and solutions, such as investment banking, institutional equities, private client broking and depository services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 09:47 IST