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Last Updated : Jul 23, 2020 09:47 AM IST | Source: Moneycontrol.com

ICICI Securities share price gains after June quarter profit jumps 70%

ICICI Securities' revenues surged 36 percent to Rs 546 crore in the June quarter from Rs 402 crore in the same period of the last financial year.

 
 
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ICICI Securities share price jumped 4 percent in the morning trade on July 23, a day after the company reported a 70 percent jump in profit after tax (PAT) at Rs 193 crore in the April-June quarter on robust growth in revenues and improvement in margins.

The company had reported a PAT of Rs 114 crore in the year-ago period, ICICI Securities said in a statement.

The stock price, which has surged more than 146 percent in the last one year, was trading at Rs 554, up Rs 24.50, or 4.63 percent, at 0924 hours. It has touched an intraday high of Rs 567.10.

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ICICI Securities' revenues surged 36 percent to Rs 546 crore in April-June 2020-21 from Rs 402 crore in the same period of the last financial year. This is aided by strong growth in equities and allied business.

The company attributed the strong quarterly profit to growth in revenue, improvement in margins and changes in statutory tax rates.

During the quarter, equities and allied business rose by 62 percent to Rs 389 crore. "We had an eventful quarter in which we saw increased market participation by all players –retail, HNIs and institutional, resulting in strong growth in our core equities, as well as wealth and investment banking business," managing director and CEO Vijay Chandok said.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, ICICI Securities has zero promoter pledge with FII / FPI or institutions increasing their shareholding

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​​
First Published on Jul 23, 2020 09:35 am
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