Business Daily from THE HINDU group of publications
Tuesday, Jul 25, 2006
Business Daily from THE HINDU group of publications Tuesday, Jul 25, 2006 |
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Markets
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Financial Services Corporate - Performance Web Extras - Telecommunications Our Bureau
Mumbai , July 24 India Infoline Ltd, a retail financial services outfit, on Monday announced plans to launch securities trading on the mobile phone platform. The company will also venture into the insurance broking business after receiving the approval from the IRDA, said Mr Nirmal Jain, Managing Director. "We have applied to the IRDA for an insurance broking licence. We are hopeful of getting the approval in a couple of months," he told newspersons. The Mumbai-based outfit is currently the largest corporate agent for LIC. On mobile trading services, Mr Jain said that the prototype for the product was ready, adding that the company was waiting for guidelines from the regulator.
Expansion plans
Mr R. Venkataraman, Executive Director, said that the company plans to add 150 branches during the current fiscal. The company had a total of 233 branches as on June 30. After the completion of the branch expansion, it hopes to double the customer base from 75,000 currently, he said.
The consolidated first-quarter results saw India Infoline's net profit grow from Rs 7.47 crore to Rs 18.95 crore.
Total income was Rs 88 crore, up 211 per cent from Rs 28.33 crore earlier.
On a stand-alone basis, net profit rose to Rs 11.71 crore (Rs 2.62 crore).
Mr Venkataraman said that the securities broking business contributed to about 60 per cent of total revenues.
He added that revenues from the equities broking segment would be under pressure in the coming quarters due to the meltdown in stock prices.
But, Mr Jain said, higher revenues from commodities trading and distribution of mutual fund and insurance products will more than compensate the decline in revenues from equities broking.
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