Financial Daily from THE HINDU group of publications
Thursday, Apr 22, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 22, 2004 |
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Markets
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Financial Services Apollo Sindhoori launches online trading facility Our Bureau
Chennai , April 21 APOLLO Sindhoori Capital Investments, a stock broking firm with 250 branches, today launched an online trading facility in the stock and derivatives markets for its clients. A company press release said the highlight of the new facility is that clients who buy shares can carry over their position to the next trading day, and then either pay for the purchase or sell the shares. The company would bear the incidental risk, said officials. The company's transaction costs are 0.60 per cent for deals that result in delivery of shares, and 0.06 per cent for transactions that closed out the same day. The company's Chairperson, Ms Suneetha Reddy, said, "Through the Internet trading facility we are expecting to add over Rs 100 crore gross daily volumes in the next 12 months to our existing turnover." The average daily turnover at present is about Rs 340 crore, said an official. Ms Reddy said that the company planned to open overseas branches, West Asia and Europe being the locations considered at present. In addition to stock broking, providing portfolio management service was a long-term aim, said company officials.
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