Steel City Securities net doubles to Rs 5.05 cr

Stock broking company Steel City Securities Limited (SCSL) registered a 100 per cent growth in net profit to Rs 5.05 crore during the first half of the current financial year as compared with Rs 2.53 crore in the corresponding period last year.

Trading turnover stood at Rs 35,785 crore as against Rs 28,440 crore last year.

“Due to bullish trends in the share market our trading volumes improved significantly this year. This apart, we have implemented several cost cutting measures, which resulted in a higher net profit,” G Rajagopal Reddy, executive director, SCSL, told Business Standard.

Last financial year, SCSL registered a net profit of Rs 5.01 crore. It expects to earn a net profit of Rs 10-12 crore on a trading turnover of Rs 75,000-80,000 crore by the end of March next year, he added.

 

The company operates 250 branches across the country of which most of them are located in the south. It has plans to open 30 branches during the second half of the year mainly in Tamil Nadu and Karnataka.