This Jhunjhunwala stock surged 12% today. Here's why
Shares of Geojit Financial Services soared 11.80 per cent to Rs 117.90 on Monday, hitting its new 52-week highs, with a total market capitalisation of close to Rs 2,800 crore.
- Jul 15, 2024,
- Updated Jul 15, 2024 11:51 AM IST
Shares of Geojit Financial Services surged during the trading session on Monday after the company announced a strong set of numbers for the quarter ended on June 30, 2024. The Kochi-based brokerage firm reported its earnings on Saturday.
The Rekha Rakesh Jhunjhunwala-backed financial services player reported a 107.42 per cent on a year-on-year basis surge in its net profit to Rs 45.81 crore in the April-June 2024 period. The company's bottomline came in at Rs 22.08 crore in the same quarter last fiscal year. However, its net profit stood at Rs 51.91 in the January-March 2024 quarter.
Geojit Financial Services' revenue increased 56.21 per cent YoY to Rs 181.18 crore in the June 2024 quarter, compared to a net profit of Rs 115.98 crore in the year-ago period. However, its revenue took a hit of 13 per cent on a sequential basis (QoQ) from Rs 208.56 crore in March 2024 quarter.
Following the announcement of results, shares of Geojit Financial Services Ltd soared 11.80 per cent to Rs 117.90 on Monday, hitting its new 52-week highs, with a total market capitalization of close to Rs 2,800 crore. The scrip had settled at Rs 105.45 in the previous trading session on Friday.
Ebitda for the quarter (Q1FY25) increased 94 per cent YoY to Rs 77.03 crore, compared to Rs 39.63 crore in the year-ago period. However, it was down 8 per cent on a sequential basis. The company’s assets under custody and management stood at Rs 1.03 lakh crore with over 14.12 lakh clients, as on 30 June 2024.
Seasoned investor Rekha Rakesh Jhunjhunwala owned 1,74,37,500 equity shares or 7.29 per cent stake in the company as of March 31, 2024. Her stake in the company was valued at Rs 205.58 crore on Monday. The company is yet to announce its shareholding pattern for the June 2024 quarter.
The company board of Geojit Financial Services approved the proposal for fund raising for an amount aggregating up to Rs 200 crore subject to receipt of statutory/regulatory approvals, by way of issue of equity shares on rights issue basis to the eligible equity shareholders of the company as on the record date, it said in the exchange filing.
Geojit Financial Services is one of the leading investment services companies in India, with a strong presence in the GCC. It has an extensive presence in the GCC region via joint ventures and partnerships: Barjeel Geojit Financial Services LLC in UAE, BBK Geojit Business Consultancy and Information (KSCC) in Kuwait and QBG Geojit Securities LLC in Oman.
Shares of Geojit Financial Services surged during the trading session on Monday after the company announced a strong set of numbers for the quarter ended on June 30, 2024. The Kochi-based brokerage firm reported its earnings on Saturday.
The Rekha Rakesh Jhunjhunwala-backed financial services player reported a 107.42 per cent on a year-on-year basis surge in its net profit to Rs 45.81 crore in the April-June 2024 period. The company's bottomline came in at Rs 22.08 crore in the same quarter last fiscal year. However, its net profit stood at Rs 51.91 in the January-March 2024 quarter.
Geojit Financial Services' revenue increased 56.21 per cent YoY to Rs 181.18 crore in the June 2024 quarter, compared to a net profit of Rs 115.98 crore in the year-ago period. However, its revenue took a hit of 13 per cent on a sequential basis (QoQ) from Rs 208.56 crore in March 2024 quarter.
Following the announcement of results, shares of Geojit Financial Services Ltd soared 11.80 per cent to Rs 117.90 on Monday, hitting its new 52-week highs, with a total market capitalization of close to Rs 2,800 crore. The scrip had settled at Rs 105.45 in the previous trading session on Friday.
Ebitda for the quarter (Q1FY25) increased 94 per cent YoY to Rs 77.03 crore, compared to Rs 39.63 crore in the year-ago period. However, it was down 8 per cent on a sequential basis. The company’s assets under custody and management stood at Rs 1.03 lakh crore with over 14.12 lakh clients, as on 30 June 2024.
Seasoned investor Rekha Rakesh Jhunjhunwala owned 1,74,37,500 equity shares or 7.29 per cent stake in the company as of March 31, 2024. Her stake in the company was valued at Rs 205.58 crore on Monday. The company is yet to announce its shareholding pattern for the June 2024 quarter.
The company board of Geojit Financial Services approved the proposal for fund raising for an amount aggregating up to Rs 200 crore subject to receipt of statutory/regulatory approvals, by way of issue of equity shares on rights issue basis to the eligible equity shareholders of the company as on the record date, it said in the exchange filing.
Geojit Financial Services is one of the leading investment services companies in India, with a strong presence in the GCC. It has an extensive presence in the GCC region via joint ventures and partnerships: Barjeel Geojit Financial Services LLC in UAE, BBK Geojit Business Consultancy and Information (KSCC) in Kuwait and QBG Geojit Securities LLC in Oman.