icici securities shares: ICICI Securities shares jump 8%, hit 52-week high after Q2 profit zooms 41% YoY

Shares of ICICI Securities jumped 8% to Rs 681 in Tuesday’s trade on BSE after the company reported consolidated net profit of Rs 423.63 crore for the September quarter of the financial year 2024, a growth of 41% from the year-ago period. The brokerage and research firm reported a profit of Rs 300.4 crore in the same quarter of the previous fiscal.

Its revenue from operations rose to Rs 1,249 crore, up 45.5% from Rs 858.46 crore in the year-ago quarter.

The board of directors also approved a dividend of 12 per equity share. The company announced the record date as October 27, 2023, for payment of dividend.

The company is in the process of delisting. Shareholders of the company will be allotted 67 shares of ICICI Bank for every 100 stocks held by them.

ICICI Securities said the board has also accepted the resignation of Ankit Sharma, Head – Compliance and Legal (within the category of senior management in the Company). The resignation will take effect from December 7, 2023.

Following the Q2 results, brokerage firm Axis Securities said, “Improvement in cash market volumes drove the recovery in ISEC’s revenues. The company has been treading well in terms of market share across segments and with focused efforts, we expect the improvement to continue.”

“The investment phase is largely complete and the management expects cost ratios to peak in FY24 and improve thereon. We have tweaked our revenue estimates by ~3-4% over FY24-25E to reflect the recovery in the cash segment and increased contribution from the distribution segment. We continue to maintain our ‘Under Review’ rating, given that ISEC will be delisted,” Axis Securities said.At 10.44 am, the scrip was trading 3% higher at Rs 649.8 on BSE. On a year-to-date basis, the stock has surged over 30%, while it has rallied over 40% in the past six months.

Technically, the stock’s day RSI (14) is at 54.9. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. The day MACD (12, 26, 9) is at 0.5, which is above its center and signal Line, this is a bullish indicator.

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