Stocks

Angel Broking shares rise over 16% on Kuwait Investment Authority picking up stake

Internet Desk | Updated on October 30, 2020 Published on October 30, 2020

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Based on the news development that the Kuwait Investment Authority is acquiring a 0.52 per cent stake in retail broking firm Angel Broking through a bulk deal on Thursday, the stock has risen as much as 16 per cent today.

According to NSE bulk deal data, the Kuwait Investment Authority bought 4.3 lakh equity shares at ₹321.73 a share.

On the BSE, the shares have surged to a day's high of ₹379.30 (up 16 per cent) before settling to trade at ₹354/apiece (up 8.74 per cent) at 1 pm.

 

A couple of days back, Angel Broking had reported a robust set of earnings for the quarter ended September, with highest ever quarterly consolidated profit of ₹74.47 crore. Yields rose 47.3 per cent sequentially and 288.3 per cent year-on-year.

Consolidated revenue from operations rose 30 per cent sequentially (up 80 per cent YoY) to ₹309.85 crore in Q2 FY21.

The initial public offering of Angel Broking was subscribed 3.95 times. The ₹600-crore IPO was priced at ₹306 a share. Ahead of the issue, Angel Broking had raised ₹180 crore from anchor investors.

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Published on October 30, 2020
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