Central Depository Services (India) Ltd.'s share price advanced nearly 7% in early trade on Monday, after the company reported solid earnings in the second quarter of the current fiscal.
Consolidated revenue soared 55% to Rs 322 crore in the July-September quarter, compared to Rs 207 crore in the same period last year. The results were announced on Saturday.
Net profit jumped 49% to Rs 162 crore, compared to Rs 109 crore last year.
Earnings before interest, tax, depreciation and amortisation rose 54% to Rs 200 crore. Margin, however, dipped to 62% versus 62.4% earlier.
Net account opened in the September quarter rose to Rs 13 crore.
CDSL is a depository that facilitates holding of securities in the dematerialised form and enables securities transactions. It is a Market Infrastructure Institution and provides services to all stock exchanges, clearing corporations, depository participants, issuers and investors.
CDSL Share Price Movement
CDSL share price advanced as much as 6.8% intraday to Rs 1,515 apiece.
CDSL share price advanced as much as 6.8% intraday to Rs 1,515 apiece.
CDSL's share price advanced as much as 6.8% before paring gains to trade 4% higher at Rs 1,477.5 as of 10:03 a.m., compared to a 0.45% advance in the benchmark NSE Nifty 50.
The stock has risen 122% in the last 12 months and 61% on a year-to-date basis. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 62.
Of the eight analysts tracking CDSL, two have a 'buy' rating on the stock, four recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 14%.
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