This financial service company receives SEBI approval to start mutual fund business; stock hits the upper circuit

After the approval share price zoomed 20%.

About the approval

Emkay Global Financial Services has received in-principal approval from the Securities and Exchange Board of India, Investment Management Department for sponsoring a Mutual Fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. They are advised to complete the registration of mutual funds as prescribed accordingly. The company plans to launch a range of mutual fund products, including equity funds, debt funds, and hybrid funds, to cater to the diverse investment needs of its clients.

Share price moment

Emkay Global Financial Services closed at Rs 80.38, up by 13.39 points or 19.99% from its previous closing of Rs 66.99 on the BSE. 

The scrip opened at Rs 69.01 and touched a high and low of Rs 80.38 and Rs 69.01 respectively. So far 61,863 shares were traded on the counter. 

The BSE group 'B' stock of face value of Rs 10 has touched a 52-week high of Rs 122.65 and a 52-week low of Rs 61.05. The current market cap of the company is Rs 198.06 crore. 

The company is majorly owned by promoters and promoter groups with a 74.49% stake, while the rest 25.51% lies with the public shareholders. 

Company profile 

Emkay Global Financial Services, a truly Indian, dynamic and visionary firm, and a trusted name in the financial services arena offer the entire range of advisory services under one roof. Right from investing, trading, research and financial planning to portfolio management services, it provides its clients with integrated, robust and reliable solutions to satisfy all their financial needs. 

The company has extensive research capabilities, high degree of integrity and confidentiality in carrying out client transactions, superior technology backed systems and strong domain expertise in both, the cash and derivatives segments, makes it the preferred investment house for all categories of investors.