Geojit Financial Services shares jump over 14%, hit 52-week high as Q2 profit rises 58% YoY
Geojit Financial Services jumped 14.5% to Rs 68.9 in Wednesday's trade on BSE as the company reported a 58% YoY rise in second-quarter profit at Rs 38 crore as against Rs 24 crore a year earlier.
In the quarter, the consolidated revenue stood at Rs 145 crore, up 29% as against Rs 112 crore in the corresponding period of the preceding fiscal.
Earnings before investment, tax, depreciation, and amortisation (EBITDA) for the quarter jumped 44% YoY to Rs 59 crore in Q2 FY24 as compared to Rs 41 crore in Q2 FY23.
For the first half, revenue increased 22% to Rs 261 crore from Rs 214 crore and it earned a profit after tax of Rs 60 crore during the period, up 30% from Rs 46 crore a year ago.
At 1.14 p.m., the scrip was trading 13% higher at Rs 68 on BSE. On a year-to-date basis, the stock has also risen over 40%, while it has declined over 15% in the past 2 years.
Technically, the stock's day RSI (14) is at 63.7.
The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 0.8, which is above its center and signal Line, this is a bullish indicator.
Shares of Geojit Financial Services are also trading higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).
Geojit Financial Services is one of the leading investment services companies in India, with a strong presence in the Gulf Cooperation Council (GCC) countries.
It has over 13,33,600 clients, a network of 500 offices and has Assets Under Custody and Management worth around Rs 79,240 crore.
BNP Paribas, C J George — Founder and Managing Director of Geojit, Kerala State Industrial Development Corporation (KSIDC) and Rekha Rakesh Jhunjhunwala are the prominent shareholders
