Karvy to line up Rs 100cr for expansion

Karvy Stock Broking Limited (KSBL) opened its new trading floor here on Sunday. On the occasion, T S Harihar, country head,derivatives, KSBL, told mediapersons that Karvy was planning to invest Rs 50-100 crore over the next one-and-a-half years in expansion.

"Currently, we have 448 branches across the country and these branches will increase to 550 by March 2006. We are targeting to touch the 750-mark by March 2007," he said. The company is planning to open 35 more branches in Andhra in six months in addition to the existing 67 branches, he added.

"On an average, every day 1.2 lakh clients use our services and the company achieves a daily turnover of Rs 700-800 crore," he said.

Harihar, predicting that the Sensex would cross the 10,000- mark by March-end, advised investors to go for heavy engineering, IT and automobile sectors.