Angel Broking to expand in south

Mumbai-based Angel Broking, a leading stock broking company in the country, is eyeing southern states to increase its trading turnover by 15-20 per cent during the next fiscal.

"Currently, we don't have many branch offices in the four southern states. The company is planning to set up 22-25 branches in Andhra Pradesh, Tamil Nadu, Kerala and Karnataka during the next fiscal," Rajiv Phadke, executive director, Angel Broking, told Business Standard.

Angel Broking has 75 branches and 2,200 brokers across the country. It plans to increase the branches by another 50 and sub-brokers by about 1,000 during the next fiscal. "Of the proposed 50 new branches, 25 will come up in the four southern states," he added.

"We are planning 5-6 branches soon in Andhra Pradesh where we already have 4 branches. However, our presence in Kerala, Tamil Nadu and Karnataka is more or less nil. So we will open 18-20 branches in these three states in 2007-08."

After expansion, the company expects Rs 3,000 crore trading turnover a day from the existing daily trading turnover of Rs 2,000 crore. Last fiscal, the company achieved 40 per cent growth in trading turnover compared with the preceding year and expects better performance in the current fiscal.

"Commodity trading is slowly picking up momentum in the county. So we are expecting good trading turnover through commodities in coming years," said. Of the total trading turnover, commodities trading turnover occupies 20 per cent.

"In the coming days this share will rise to 25-30 per cent," he added.