Kochi-based Selectgroup, which is into stock and commodity broking, plans to open seven 'Investnet' branches this month to take the total number of its branches in the country to 100. The company operates its outlets and services under the brand 'Investnet'. | |
| Talking to Business Standard on the sidelines of inaugurating its 93rd branch here, M Shekar, director of Selectgroup, said the company was focusing on the south and before the end of this month, it would open branches at Dindigul, Erode and Tirunelveli in Tamil Nadu and at Shimoga and Hassan in Karnataka. By the end of this fiscal, the company was targeting to take the total number of its branches in the country to 150, he added. |
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| Besides, it plans to ramp up its operation in Mumbai by opening five more branches. At present, it has just one branch in Mumbai. |
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| In the south, the group has 35 branches in Tamil Nadu, 45 in Kerala, and the remaining in Karnataka. The company plans to enter Andhra Pradesh by opening a branch in Hyderabad. |
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| "Online trading is quite popular in Tamil Nadu and Kerala. As of now, we have a client base of 40,000-plus. We are able to add about 50 new customers daily and if the trend continues, we expect our customer base to cross the 80,000-mark by the end of this financial year," he said. The company was aiming to touch a turnover of Rs 200 crore per day before June this year from the present Rs 100 crore. |
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| On commodity trading, Shekar said they were targeting to achieve a turnover of Rs 50 crore per day by June 2006, from the present Rs 20-25 crore per day. |
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| The company is also planning to open branches in Bahrain and other Middle East nations. He said the group already had a branch in Dubai and was planning to open a few more branches in Bahrain and other Middle East locations. The company was in the process of identifying a suitable working partner in these countries. |
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| The new branch at Trichy will also provide training in online trading. Elaborating this V Solaiyappan, branch manager, Trichy, said specialised teaching modules had been developed and the Trichy centre would impart training to housewives, students, retired officials, etc. The training programme would be launched in another two weeks. |
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