 "stocks, markets, investors, growth, funds, investments, brokers")
Shares of stock broking firms were in high demand on Tuesday, rallying up to 20 per cent on the BSE on the back of heavy volumes.
Shares of Emkay Global Financial Services, Nuvama Wealth Management, Angel One and Motilal Oswal Financial Services (MOFSL) hit their respective 52-week highs n trade.
The gains came on the industry's strong set of earnings for the quarter ended September 2023 (Q2FY24). The S&P BSE Sensex was down 0.23 per cent at 63,964 at 11:13 AM on Tuesday.
Click here to connect with us on WhatsApp
Among stocks, Emkay Global zoomed 20 per cent to Rs 107.49, its highest level since May 2022 on the BSE.
In Q2FY24, the company reported a consolidated profit after tax (PAT) of Rs 9.69 crore against a loss of Rs 1.78 crore in the previous quarter. It had posted PAT of Rs 6.15 crore in the year ago quarter.
The company’s consolidated revenue rose 39 per cent quarter-on-quarter (QoQ) and 35 per cent year-on-year (YoY) to Rs 78 crore. Total assets increased by 29 per cent YoY at Rs 27,546 crore.
Shares of MOFSL rose 4 per cent to Rs 1,056 in intra-day trade today. The stock has rallied 14 per cent in the past three trading days and today quoted its highest level since July 2021.
The company will release Q2 results on November 1.
More From This Section
The stock of the recently listed Nuvama Wealth Management hit a new high of Rs 2,962.15, up 3.4 per cent on the BSE in intra-day trade.
The stock has soared 37 per cent in less than four weeks, from a level of Rs 2,163.55 on October 5. The company got listed on the bourses on September 26.
In Q2FY24, Nuvama’s consolidated profit after tax (PAT) rose 68 per cent YoY at Rs 144.96 crore, as compared to Rs 85.26 crore in Q2FY23.
Total revenue from operations grew 30.5 per cent YoY at Rs 735 crore. AUM for Asset Management has reached Rs 6,175 crore, up by 43 per cent YoY.
Wealth and Asset Management continued to drive long term growth. Capital Markets witnessed strong performance in Q2 FY24, the company said.
The management said Nuvama is well-positioned to seize growth opportunities within the Indian economy, particularly in the domain of wealth and asset management and expand its presence across the nation.
The company also plans to double the number of relationship managers in the next five years.
Shares of Angel One hit a new high of Rs 2,583.75, up nearly 1 per cent in intra-day trade. Thus far in the month of October, the stock price of the company has appreciated by 40 per cent.
In Q2FY24, Angel One had reported a strong performance with 40.7 per cent YoY growth in gross revenue to Rs 1,049 crore, on the back of strong client accretion and growth in number of orders.
The company’s consolidated profit after tax grew 37.9 per cent QoQ at Rs 304.5 crore, as against Rs 220.8 crore in the previous quarter. Overall faster growth momentum in the topline led to strong profit growth during the quarter.
The company said it added the highest-ever clients in a quarter at 2.1 million, a growth of 59.8 per cent on QoQ basis with the client base standing at nearly 17.1 million, a growth of 13.3 per cent on QoQ basis.
The total number of orders jumped 36.1 per cent QoQ at 338 million from 249 million in Q1-FY24.
According to the company, India is still a highly under penetrated market in terms of the geographical reach and wallet share across wealth, credit, and protection products.
Angel One’s seamless digital offerings, along with its unparalleled digital acquisition capabilities, positions it well in the industry to garner a dominant market share, it said.
