To expand presence in West Asia
Mumbai, Sept. 20
Financial services company, India Infoline, is all set to mark its first overseas foray into retail broking by opening shop in the oil-rich nation of Kuwait.
Speaking on the occasion, Mr R. Venkataraman, co-promoter and Director, India Infoline, said the company is expanding its presence in West Asia for all its services right from equities and commodities broking, PMS, Insurance and mutual funds.
"It is our first overseas venture in retail broking . Given its large NRI base and vibrant investment community, Kuwait is an ideal destination. It is a significant regional trading economy and our presence here will materially strengthen India Infoline's coverage of the Middle East region," he said.
India Infoline has a London office that caters to institutional segment/clients.
The company has also obtained membership of the Dubai Gold Exchange in FY06.
The business is a strong area of focus for the company in the current year given the high volatility in prices in recent times.
"Fast growing domestic market, a strong entrepreneurial culture, increasing comparative advantages of Indian industries and a robust capital market framework continue to make India an attractive investment destination. We see considerable business potential, particularly for our broking and PMS offerings to our clients in Kuwait. Our equities and commodities broking have immense opportunities in Kuwait, for its demography, economy and consumption pattern, while our PMS will enable hassle free investing for keen NRI investors exposing them to our gamut of financial services," he added.
India Infoline's consolidated revenues for FY 06 was Rs 218 crore (up 182 per cent) and profit after tax was Rs 49 crore (up 126 per cent). For Q1, FY07 consolidated revenues tripled to Rs 88 crore and PAT was Rs 19 crore. This was largely driven by strong volume growth in its equities, commodities and life insurance businesses.