City-based stock broking company Steel City Securities Limited (SCSL) is planning to expand its branch network in Karnataka during the current fiscal.
“There is a lot of scope for the share market business in Karnataka. Hence, we are planning to open around 25 branches during this fiscal there,” G Raja Gopal Reddy, executive director, SCSL, said.
The company currently has 245 branches in Andhra Pradesh, Tamil Nadu, Kerala, Karnataka and Orissa. Of this, Karnataka has only seven branches. During the last financial year, SCSL opened 30 branches — five in Andhra Pradesh and 25 in Tamil Nadu.
In 2008-09, SCSL revenues declined to Rs 29.07 crore as against Rs 43.15 crore in the preceding year while net profit dropped to Rs 5.01 crore as against Rs 9.57 crore during the period under review.
