 "Stocks")
Shares of Angel One slumped 14 per cent after its December 2023 quarter (Q3) earnings failed to meet expectations. The stock ended at Rs 3,328, down 14 per cent over the previous day’s close. While the brokerage’s consolidated topline came in line with expectation at Rs 1,061 crore, its net profit of Rs 260 crore was nearly 20 per cent lower than analysts’ estimates.
A note by Motilal Oswal said higher expenses weighed on bottomline. “Total operational expense increased 75 per cent year-on-year to Rs 460 crore, 13 per cent higher than our estimates. This is because admin and other expenses came in 17 per cent higher than expectations, which led to an increase in cost-to-income ratio to 56 per cent,” it said.
A note by Motilal Oswal said higher expenses weighed on bottomline. “Total operational expense increased 75 per cent year-on-year to Rs 460 crore, 13 per cent higher than our estimates. This is because admin and other expenses came in 17 per cent higher than expectations, which led to an increase in cost-to-income ratio to 56 per cent,” it said.
Shares of Jio Financial Services Ltd fell by nearly 7 per cent after the company reported a 56 per cent decline in consolidated net profit at Rs 294 crore for the third quarter ended December 2023, compared to the previous quarter. The stock declined 6.71 per cent to settle at Rs 248.90 apiece on the BSE. During the day, it tumbled 7.60 per cent to Rs 246.50.
On the NSE, it declined 6.48 per cent to Rs 249.45 per share.The company’s market valuation eroded by Rs 11,372.38 crore to Rs 1,58,133.24 crore.In volume terms, 9.54 million shares of the company were traded on the BSE and over 70 million shares exchanged hands on the NSE during the day.
On the NSE, it declined 6.48 per cent to Rs 249.45 per share.The company’s market valuation eroded by Rs 11,372.38 crore to Rs 1,58,133.24 crore.In volume terms, 9.54 million shares of the company were traded on the BSE and over 70 million shares exchanged hands on the NSE during the day.
Jyoti CNC rose 30% on debut
Shares of Jyoti CNC Automation gained nearly 30 per cent during their stock market debut. The computer numerical control (CNC) machine manufacturer’s stock ended at Rs 430, up Rs 99, or 29.9 per cent, over its IPO price of Rs 331. The stock hit a high of Rs 444.8 and a low of Rs 370 on the BSE.
Medi Assist subscribed 1.2x
The initial public offering (IPO) of Medi Assist Healthcare Services got subscribed 1.20 times on the second day.The Rs 1,171.57 crore-IPO received bids for 2,34,69,985 shares against 1,96,19,719 shares on offer, as per NSE data.The category for Retail Individual Investors received 1.70 times subscription.
