Geojit Financial Services Ltd
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BSE Code:
532285
NSE Code:
GEOJITFSL
Business Profile
Business Profile
Geojit Financial Services (GEOJIT) is a Kochi-based investment services company established in 1987. It became a public limited company on Nov. 24, 1994 and got its present name in 2003.
The company is primarily engaged in providing equity trading services. It has over 300 branches in India and abroad. The company is involved in the business areas of brokerage services, depository operations, distribution of financial products, portfolio management services, overseas operations and commodity futures. Its joint venture in UAE, Barjeel Geojit Securities, procures clients for Indian equities and is involved in mutual fund products distribution. Similar services are provided by the associate company, Global Financial Investments S.A.O.G in Oman. The wholly owned subsidiary, Geojit Commodities, provides commodities futures trading. In 2007, the company had 308 trading terminals and more than 15,775 clients.
Earlier in 2006, the company signed an operation and partnership contract with Jamal and Khalid Al Johar Development Co. of the Al Johar Group from Saudi Arabia, National Securities Company from Oman and Rasmalah Investment Co. from UAE. In 2007, it came together with BNP Paribas Securities Asia to form a 50:50 joint venture company in India to serve foreign institutional clients and entered into an agreement with Bank of Bahrain and Kuwait (BBK) for providing investment services to NRIs.
The registered office of the company is located at 5th Floor, Finance Towers, KFC Building, Kaloor, Kochi-682017, Kerala and the corporate office at Finance Towers, Kaloor, Kochi-682017, Kerala.
Financials
The company reported a steep drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 99.42% to Rs 1.10 million from Rs 189.70 million in the same quarter last year. Net sales for the quarter declined 54.30% to Rs 318.50 million, while total income for the quarter dipped 51.63% to Rs 346.4 million, when compared with the prior year period. It posted earnings of Rs 0.01 a share during the quarter, registering 98.90% decline over previous year period.
Recent Developments
20-FEB-09
The company launched its property services division in Kochi, which will offer investors and builders a single transparent platform to buy/sell office and commercial spaces and residential apartments/flats.
28-JAN-09
BNP Paribas hiked its stake in Geojit Financial Services to 34.33% from the earlier 27.18%.
02-JAN-09
The company has announced that Geojit Commodities, a wholly owned subsidiary of the company has discontinued the commodities broking business and surrendered its membership in various commodities exchanges after receipt of relevant approvals, for which it has received a compensation of Rs 400 million from BNP Paribas.