Angel Broking hit an upper circuit of 10% at Rs 599.10 after the company's board approved setting up an asset management company (AMC).
The proposal is subject to the necessary statutory approvals required from various regulators including Securities and Exchange Board of India (Sebi).
The company said it expects to capitalize on the growing investible wealth in India. The amount to be invested in the AMC business will be decided and approved by the board.
Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE. Its a technology-led financial services company providing broking and advisory services, margin funding, loans against shares and financial products distribution to clients.
The company's consolidated net profit surged 229.9% to Rs 101.91 crore in Q4 FY21 from Rs 30.89 crore in Q4 FY20. Total income during the quarter increased 109.8% YoY to Rs 418.86 crore.
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