Shares of rallied 17 per cent to Rs 379 on the National Stock Exchange (NSE) on Friday, thereby surging 20 per cent in the past two trading days after Kuwait Investment Authority acquired more than 400,000 equity shares of retail broking firm via open market transactions on Thursday.


On October 29, 2020, Kuwait Investment Authority FD F238 bought 430,000 equity shares, representing 0.53 per cent of its total paid-up equity, at Rs 321.73 per share on the NSE via bulk deal, the exchange data shows. The names of sellers were not ascertained immediately. The Kuwait Investment Authority is Kuwait’s sovereign wealth fund, managing body, specializing in local and foreign investment.



With the past two days’ rally, the share price of has soared 52 per cent in the past four trading days, after the company reported the highest-ever quarterly profit after tax (PAT) at Rs 74.6 crore for the September quarter (Q2FY21). It had posted a profit of Rs 48.3 crore in the June quarter of the current fiscal (Q1FY21).


A sharp rally has seen the counter trade at a 24 per cent premium against its issue price of Rs 306 per share. The stock had made a weak debut and was listed at Rs 275 on the BSE on October 5, 2020.


In Q2FY21, said its total income grew 29 per cent quarter-on-quarter (QoQ) at Rs 318 crore against Rs 247 crore in the previous quarter. Average Daily Turnover (ADTO) has grown by 107 per cent QoQ to Rs 1,281 billion in Q2FY21, it said. Earnings before depreciation and taxes (EBDT) margin improved 629 basis points QoQ at 49.3 per cent in Q2FY21 from 43.0 per cent in Q1FY21. The asset-light model backed by digital-first approach has led to operating leverage benefits.


At 09:54 am, Angel Broking was trading 16 per cent higher at Rs 378 on the NSE, as compared to a 0.59 per cent rise in the Nifyt50 index. A combined around two million equity shares changed hands on the counter on the NSE and BSE.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link
#Angel #Broking #gains #Kuwait #Investment #Authority #buys #stake

Leave a comment

Your email address will not be published. Required fields are marked *