Shares of broking companies JM Financial, Edelweiss Financial Services, IIFL Securities, and Nahar Capital Financial Services surged up to 9 percent on September 5 amid spurt in volumes. With today's surge, these stocks have risen up to 25 percent in just a week, beating benchmark Nifty 50's flat move during the same period.
The rising investor activity in broking firms comes at a time when markets are sitting at all-time highs, with Nifty reclaiming 25,100-mark and Sensex recovering to 82,000 levels, said Chokkalingam G, Founder of Equinomics Research. "Higher trading volumes always improves financial metrics of broking firms, hence we are seeing a strong buying activity in these counters," he added.
The overall trading volumes on the NSE exchange also grew to 40,091 lakh on September 4, up from 33,437 lakh on September 3.
Earlier, Geojit Financial Services was also the talking point of Dalal Street as it hit lifetime high of Rs 155 apiece on September 3 due to heavy volumes. Geojit Financial is engaged in the business of retail and institutional broking and distribution of financial products.
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Amid the raging bull market, another broking firm - DAM Capital Advisors has also filed its draft red herring prospectus (DRHP) with Sebi to raise funds. DAM Capital provides a wide range of financial solutions in areas of investment banking, comprising equity capital markets, mergers and acquisitions, private equity, and structured finance advisory; and institutional equities, comprising broking and research.
DAM Capital said that its IPO will have an offer for sale of up to Rs 3,206 crore shares. Through the IPO - investor selling shareholders - Multiples Alternate Asset Management is selling up to 8,800,000 shares, RBL Bank is offloading 6,831,000 shares, Easyaccess Financial Services is selling up to 5,123,250 shares, and Narotam Sekhsaria is offloading up to 7,068,600 shares.
Nuvama Wealth Management is the Book Running Lead Manager to the IPO, while Link Intime India is the registrar of the issue.
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