Shares of IIFL Securities Ltd jumped over 5 percent in the morning trade on August 16 after Bloomberg reported a huge block deal where 12 million shares, or 3.9 percent stake, of the financial services company changed hands. Details of the buyers and sellers were not known.
At 9.30 am, the stock was trading at Rs 67.35 on BSE, up 4 percent from its previous close, even as the benchmark Sensex was down 0.46 percent at 65,100 points.
The stock has been volatile in the past few sessions after the Securities and Exchange Board of India (SEBI) prohibited the company from accepting new clients for two years for violating the code of conduct for brokers. The order was recently stayed by the Securities Appellate Tribunal (SAT), granting interim relief to the company.
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The stock gained 4 percent and 8 percent in June and July and has remained flat in August, so far. This year, the stock has moved up just 5 percent.
In the June quarter, the company reported a 71.3 percent increase in year-on-year (YoY) net profit at Rs 74.7 crore. Revenue came in at Rs 409.1 crore, a 40.3 percent rise from the year-ago period.
In the broking business, the average daily market turnover, encompassing both futures and options, amounted to Rs 2,30,816 crore for both BSE and NSE, an 82 percent YoY and 18 percent quarter-on-quarter surge.
The total brokerage revenue reached Rs 176.6 crore, a 22 percent increase year-on-year.
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