With a revival in the stock market sentiments, brokerage firm Angel Broking has lined up a major investment and expansion plan for the northern India, including plans for new branches and hirings.
Identifying north India as its next growth driver, the Mumbai-based brokerage firm plans has earmarked a total outlay of Rs 16-18 crore for expansion this year and plans to open 13 new branches in the northern part of the country.
Commenting on the expansion plans, Angel Broking Chairman and Managing Director Dinesh Thakkar said: "We operate in a cyclical industry. Therefore, it is imperative for us to focus on improving our service and expanding our footprint.
"We have identified North India as our next destination as we believe the region will offer a lot of exciting business possibilities in the near future," he said.
North India accounts for around 23 per cent of Angel Broking's revenues, while West and South India comprise the remaining portion of revenues. The company expects to grow the Northern slice to 33 per cent over the next three years.
As part of its north India focus, the company recently opened a 20,000 sq ft office at Karol Bagh, New Delhi.
Currently, Angel Broking mainly operates in West and South India. The company addresses a pan-India pie that is worth Rs 13,000 crore in annual commissions.
Launched in 1987, Angel Broking group is present in stock broking and wealth management businesses, among others. It is a member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and the two leading commodity exchanges in the country: NCDEX and MCX.