Angel One fell 1.57% to Rs 1114.30 after the company announced the resignation of its chief executive officer, Narayan Gangadhar, with effect from 16 May 2023, due to personal reasons.
The company said that Gangadhar's resignation does not impact any part of the business. He shall complete the transition to founder & CMD, Dinesh Thakkar, over the next 3 months. "All our plans on the business, product & tech development remain on track, as this transition happens," the company said."The day-to-day operations of the company shall continue to be led by a team of high calibre professionals i.e. the Chief Product & Technology Officer, Chief Business Officer and other CXOs, under the able guidance of Dinesh Thakkar, founder & CMD," Angel One added.
The firm stated that it has been on a path of steady growth and is now ready to take the next steps in its evolution. With the successful rollout and migration of the super-app and receipt of in-principal approval for setting up the AMC business, it is aggressively focussing on gaining market share, across multiple product offerings, by scaling up its current technology and product stack and making Angel One future ready.
The company has been strengthening its core management team, to sharpen its focus on growth opportunities. The on-boarding of Dinesh Radhakrishnan as chief product and technology officer (CPTO), integrating product development and technology functions under him, along-with the on-boarding of Prateek Mehta as chief business officer (CBO), thereby consolidating all business roles under the CBO, have been important steps in this direction. These roles have been established keeping in mind future vision of the super-app.
Angel One is the largest listed retail stock broking house in India, in terms of active clients on NSE. The company provides broking and advisory services, margin funding, loans against shares and distribution of third-party financial products to its clients. The broking and allied services are offered through online and digital platforms and network of authorized persons.
The brokerage company's consolidated net profit (from continuing operations) surged 38.53% to Rs 228.04 crore on 25.5% jump in total income to Rs 759.66 crore in Q3 FY23 over Q3 FY22.
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