The Hindu Business Line : Geojit Financial stock jumps 18%

The stock of Geojit Financial Services jumped about 18 per cent on the Bombay Stock Exchange on Thursday with improved trading volumes. Traded volumes stood at 43.9 lakh shares against its two-week average of 2.36 lakh shares. The stock gained about 34 per cent over a week’s time and about 49 per cent in a month’s time. On the National Stock Exchange, the stock jumped 19 per cent on Thursday with 68.26-lakh shares changing hands, of which 32.75 per cent was deliverable volume. According to market men, the initial trigger for the stock to spurt was Almondz Global Securities announcement of its agreement with the Oman-based private equity investment firm Al Anwar Holdings SAOG. There was also talk that top officials from CLSA have joined the company. According to a company official, a former CEO of CLSA India has joined BNP Paribas Securities Ltd. He is likely to handle institutional clients, the official said. BNP Paribas Securities Ltd is a joint venture company between BNP Paribas Securities Asia and Geojit Financial Services Ltd. BNP Paribas is currently holding 27.18 per cent stake in Geojit Financial Services. The source further said that the company has also recruited a team of analysts, from various other institutions, strengthening its research team. Besides these developments, investors are also betting on the broking stocks ahead of Edelweiss listing, said market men.

K.S. Badri Narayanan

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