Shares of brokerage firm Angel One Ltd surged more than 4% in morning trade on Wednesday after the company reported strong growth in total number of orders and client base in January.
The total number of orders gained 1.2% month-on-month to 16.63 crore in January from 13.72 crore in December. On a year-on-year basis, the number of orders soared 93.4% compared to 8.6 crore in January 2023, the company said in its monthly updates released on February 7.
Also, the brokerage logged a 5% growth in client base at 2.04 crore in January 2024 over the previous month.
On a yearly basis, the company’s client base advanced 58.5% compared to 1.28 crore in January last year, the trading and stock broking services provider said in a stock exchange filing.
Reacting to the positive development, stocks of Angel One gained as much as 4.5% to touch a high of ₹3,270.95 apiece on BSE in early trade.
Although gross client acquisition experienced a 2% decline from the previous month, dropping to 10.3 lakh in January from 10.5 lakh, it still showcased a remarkable 163% growth compared to the same month last year, which saw 3.9 lakh acquisitions.
Its Average Client Funding Book surged by 22.3% to ₹2,249 crore in January over ₹1,838 crore in the previous month and saw a higher 62.5% increase compared to ₹ 1,393 crore in the year-ago month.
On the other hand, Average Daily Orders shot up by 10.2% month-on-month to 75.6 lakh in January from 68.6 lakh in December.
Angel One’s overall average daily turnover grew by 4.4% to ₹ 43,879 billion in January from ₹42,014 billion in December, besides a sharp 158% growth compared to ₹17,021 billion in January 2023.
Average daily turnover in the F&O segment rose 4.4% month-on-month to ₹43,364 billion in January from ₹ 41,539 billion in December. The F&O segment saw a 159.3% year-on-year growth against ₹16,724 billion in January 2023.
At 9.31 AM, shares of Angel One were trading 4.36% higher at ₹3,265.3 apiece on BSE.
(Edited by : Asmita Pant)
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