Reliance Securities reports sharp rise in profits; share price soars

Reliance Securities, the broking and distribution arm of Anil Ambani-led Reliance Capital, said on Thursday it registered 149 per cent growth in profit after tax of Rs 32 crore during fiscal 2018-19. This was on a total income of Rs 337 crore which moved up 7 per cent. In equity broking, the average daily stock exchange turnover grew to Rs 5,208 crore, marking a year-on-year jump of 16 per cent.

Reliance Capital's stock price jumped more than 5 per cent today, opening at Rs 132.95 per share and reaching today's high at Rs 144.90.

As on March 31 this year, Reliance Securities had 9 lakh broking accounts, 5 per cent up from last financial year. The commodity broking accounts rose by 6 per cent to 1.08 lakh while average daily commodities turnover increased by 20 per cent to Rs 327 crore. The assets under management totalled Rs 3,983 crore, according to a statement.

"Despite market volatility, our customer centricity initiatives helped us manage our unique traded clients which led to 16 per cent growth in our average daily turnover," said B Gopkumar, Executive Director and CEO of Reliance Securities. About 95 per cent of new accounts were opened digitally, enabling clients to trade on the same day. The business has a geographical footprint of over 1,500 customer touch points across India.