Unbelievable Surge: Jhunjhunwala Portfolio’s Geojit Financial Services Skyrockets 53% in Just 3 Weeks!

Geojit Financial Services Hits Record High Amid Significant Market Activity

Shares of Geojit Financial Services soared to a record high of Rs 154.60 on Tuesday, driven by heavy trading volumes and marking a 14% surge in intra-day trade on the BSE. This uptick extends a three-day winning streak during which the stock has climbed 20%.

Over the past three weeks, the company’s shares have jumped 53%, rising from Rs 101.05 on August 13 to their current levels. Since the start of the financial year 2024-25 in April, the stock has more than doubled, gaining an impressive 141%.

As of 11:44 AM, Geojit Financial Services was trading at Rs 152.50, up 12%, in stark contrast to the BSE Sensex index, which saw a 0.10% decline. Trading volumes spiked almost three-fold, with 9.29 million equity shares changing hands on both the NSE and BSE, representing 3.9% of the total equity.

Investor Rekha Jhunjhunwala held 17.21 million shares, equating to a 7.2% stake, as of the end of June 2024. Other prominent shareholders include BNP Paribas, C J George (Founder and MD), and the Kerala State Industrial Development Corporation (KSIDC).

By June 30, 2024, Geojit’s assets under custody and management reached Rs 1.03 trillion, serving over 1.41 million clients. The board has approved plans to raise up to Rs 200 crore via a rights issue, with specifics to be announced later.

Geojit maintains a strong presence in the Gulf Cooperation Council (GCC) region through various joint ventures and partnerships, including Barjeel Geojit Financial Services LLC in the UAE and BBK Geojit Business Consultancy and Information in Kuwait.

The company reported a 107% year-on-year increase in net profit for Q1 FY25 at Rs 45.81 crore, up from Rs 22.08 crore in the same period last year. Consolidated revenue grew 56% YoY to Rs 181.18 crore.

Geojit is positioning itself for sustained growth by leveraging a hybrid model that blends offline and online services to cater to diverse investment needs. The company plans to capitalize on technological advancements and financial inclusion trends in India to enhance its service offerings and deliver superior value to its customers.

Original Story https://www.business-standard.com/markets/news/this-rekha-jhunjhunwala-owned-broking-stock-has-zoomed-53-in-3-weeks-124090300417_1.html
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