homemarket Newsstocks NewsAngel One shares rise after gross client acquisition in February rises 15% from last month
Angel One shares rise after gross client acquisition in February rises 15% from last month
Angel One’s gross client acquisition saw a good growth rate of 15 percent, with the company adding 45 lakh new clients in February compared to 39 lakh clients in January.
Brokerage firm Angel One Ltd. on Friday announced that it saw an increase in its total client base on the back of solid growth in new customer acquisition in the month of February. In its monthly business update, the company said that its client base rose to 13.33 million in February from 12.89 million in January, a jump of 3.4 percent month-on-month.
Angel One’s gross client acquisition saw a good growth rate of 15 percent, with the company adding 45 lakh new clients in February compared to 39 lakh clients in January.
After the announcement, shares of Angel One rose as much as 4 percent from its previous close in early trade on Friday to hit an intra-day high of Rs 1,103 apiece on the BSE.
The company also said that it processed a lower number of orders last month due to fewer trading days in February compared with the previous month.
The number of orders processed in February stood at 83.5 million, down 2.9 percent from 86 million in January.
The average client funding book also dropped 6.8 percent to Rs 1,299 crore in February from Rs 1,393 crore in January.
Besides that, Angel One also posted an increase in its retail turnover market share across segments, except in the cash segment. Its market share in the overall equity segment (including both cash and futures and options) increased to 22.6 percent in February compared to 21.9 percent in January.
In the cash segment, however, its market share slipped to 12.7 percent in February from 13 percent in January.
The company saw its commodity market share increase by nearly 600 bps in February to 56.9 percent from 51.1 percent in January. This was its highest growth rate in the segment in the last 18 quarters.
Shares of Angel One are trading nearly 7 percent higher at Rs 1,134.15.
(Edited by : Rukmani Krishna)
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