Steel City Securities to up trading terminals

Vizag-based Steel City Securities Limited, which has memberships in NSE, BSE, Commodities Exchange and Depositary participation, is targeting to increase its online trading terminal centres to 250 by the end of March 2006.

"We have 120 Vsat online trading terminal centres in Andhra Pradesh, Tamil Nadu, Karnataka and Orissa. Currently 90 per cent of our terminal centres are located in Andhra Pradesh. We plan to expand our operations to some northern states soon," G Rajagopal Reddy, executive director, Steel City Securities Limited, told Business Standard.

Steel City Securities has been offering services to 12,000 clients through their trading terminals across the four states.

By the end of this fiscal, Steel City Securities is set to add 40 virtual private network (VPN) online trading terminal centres in West Bengal, Karnataka, Orissa and Punjab, he said, adding that the company will open another 90 centres across the country during the next fiscal.

"We will invest around Rs 5 lakh in each centre. Once our expansion programme is completed our trading turnover will spurt to Rs 50,000 crore from the present Rs 20,000 crore," he said.

"During the last fiscal, our trading turnover was about Rs 15,000 crore and it will cross Rs 20,000 crore this fiscal. Last fiscal, our actual delivery transactions were only below two per cent of the total trading. However, the delivery transactions are now increasing to 15-20 per cent. We are, therefore, earning good commissions on actual deliveries and we expect revenues of about Rs 15-17 crore for the current fiscal, as compared to Rs 12 crore in the last fiscal," Reddy said.