Angel Broking share price jump 15% on highest-ever monthly client acquisition in March

The share price of Angel Broking jumped almost 15 percent in intraday trade on BSE on April 16, a day after the brokerage firm said it achieved the highest-ever monthly client acquisition in March.

"The digital stockbroker has onboarded 3,79,233 customers during March 2021 while continuing its stellar run in the broking industry. The total client base of Angel Broking has now increased to 41 lakh as of March 2021," Angel Broking said in a media release.

The new additions have raised Angel Broking’s tally of gross clients in Q4FY21 to 9.6 lakh, which is 14.1 times higher from Q1FY20 when the company began its purely digital operations, it said.

"Given its strong focus on technology-savvy millennials and first-time investors, the median age of clients acquired has steadily decreased to 30 years in Q3 FY21 from 34 years in Q1 FY20. A part of its success is attributed to the fintech broker’s flat brokerage structure as well. Its delivery trades are free of cost and there is a flat fee of Rs. 20 per trade irrespective of lot size for F&O, commodity, and intra-day trades," said Vinay Agrawal, CEO, Angel Broking.

Separately, the company said its board will meet on April 22 to consider and approve the third interim dividend for the financial year 2020-21 (FY21).

"...we hereby inform that a meeting of the board of directors of the company is scheduled to be held on Thursday, April 22, 2021, to consider and declare the third interim dividend for the Financial Year 2020-21," the company said in a BSE filing.

At 1340 hours, shares of Angel Broking were trading 10.89 percent higher at Rs 329 on BSE.