At the current market price, ICICI securities is trading at a 20% valuation discount to Angel Broking. This indicates that market is considering ICICI securities as just a broker and assigning no value to its large and profitable distribution franchise. Among new-age brokers, Angel has seen exponential growth in profits in recent years. Its quarterly profit has increased from mere Rs 6 crore in Q1FY20 to Rs 48 crore in Q1 FY21 and improved further to Rs 121 crore in Q1 FY22. Find out which stock MC Pro is betting on