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Shares of Emkay Global Financial Services hit a 52-week high of Rs 182.45 as they surged 18 per cent on the BSE in Wednesday's intra-day trade amid heavy volumes. In past two trading days, the market price of the stock broking & allied services company has rallied 42 per cent. In the past 13 trading days, it has zoomed 86 per cent from level of Rs 98 on March 20, 2024.
At 02:35 pm; Emkay Global was trading 16 per cent higher at Rs 179, as compared to 0.5 per cent rise in the S&P BSE Sensex. The average trading volumes at the counter jumped over 10-fold. A combined 2.81 million equity shares changed hands on the NSE and BSE. The stock had hit a record high of Rs 418.80 on January 18, 2008.
A sharp rise in market price of Emkay Global in seen in the past two trading days after its peer Anand Rathi Wealth announced share buyback plan. The board of directors of Anand Rathi Wealth are scheduled to meet on April 12, to consider the proposal of buyback.
Emkay Global is engaged in the business of providing Equity, Currency and Commodity Broking Services, Investment Banking, Depository Participant Services and Wealth Management Services including distribution of third party financial products.
The company caters to a wide range of clients with varied backgrounds, including foreign institutional investors, domestic mutual funds, banks, insurance companies, private equity firms, corporate entities, small and medium-sized enterprises, as well as highnet-worth individuals.
In the December quarter (Q3FY24), Emkay Global had recorded a strong earning with consolidated profit after tax jumped 42.8 per cent year-on-year (YoY) at Rs 12.31 crore. Total revenue grew 38.4 per cent YoY at Rs 75.20 crore.
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Meanwhile, the benchmark index Sensex reached a historic milestone, surpassing the 75,000 level for the first time. Notably, the increasing participation of retail investors has helped mitigate the risk of a market crash, even in the face of potential foreign capital outflows due to delays or modest rate cuts by the Fed, said Suman Bannerjee, CIO, Hedonova.
The household sector is a significant contributor, accounting for approximately 60 per cent of gross savings in the Indian economy, thereby acting as the primary source of financial resources for gross investment.
A notable trend observed in recent years is the increasing inclination of Indian households to invest larger amounts in financial assets, as compared to conventional physical assets like gold and real estate. This shift is reinforced by steady economic growth and the declining attractiveness of physical assets due to their relatively lower returns compared to financial assets. Consequently, various investment options such as mutual funds, equities, and ULIPs, among others, are expected to gain traction and experience growth, Emkay Global had said in FY23 annual report.
With the Government’s focus on improving digital infrastructure and connectivity through initiatives like the ‘Digital India’ plan, it is expected that internet, social media, and cellular mobile usage will continue to grow rapidly, providing new opportunities for businesses and individuals alike, the company said.
