Angel One shares rise 4% to hit new 52-week high; multibagger stock up 8x in 25 months

Shares of Angel One Ltd jumped during the trading session on Friday to hit its new 52-week highs. The stock has been among the consistent performers of Dalal Street and has delivered multibagger returns to investors in its journey of little more than two years at the bourses.

Angel One shares surged over 4 per cent to Rs 2,750.60, hitting its new 52-week high, with a total market capitalization of close to Rs 23,000 crore. The scrip had settled at Rs 2,639.45 in the previous trading session on Thursday. The stock has delivered a return of more than 175 per cent to the investors from its 52-week lows.

Angle One, formerly known as Angel Broking, was listed at the bourses in October 2021 when the company raised a total of Rs 600 crore via its primary offering. The company sold its shares for Rs 306 apiece. The latest high on Thursday has assured a return of 8 times to the investors, holding it from the IPO price.

On Thursday, Angel One announced the acquisition of team of the Bengaluru-based fintech startup, D-Street Finance for Gen Z engagement. The Mumbai-based discount broking firm aims to strengthen its position in the market and enhance its product offerings for the younger generation through content, user engagement and learning related initiatives.

The financial services provider has recently received approval from the capital markets regulator Sebi to sponsor a mutual fund. The company currently has more than 17 million users on its platform.

In October 2023, Angel One reported a 43 per cent growth in its net profit on a year-on-year basis to Rs 304.5 crore, while its revenue from operations grew at 46 per cent YoY to Rs 1049.3 crore. The financial services company saw the highest-ever clients added in a quarter at 2.1 million, up 60 per cent sequentially.

Angel One has race-past the majority of the target price given by the brokerages. Keynote Capitals had a target price of Rs 2,319 on the stock, while B&K Securities pegged the stock at Rs 2,500 apiece. Both the brokerages had a 'buy' rating on the stock.

The all-time high ADTO in the F&O and commodity contributed to this growth, led by robust market conditions. With consistent growth in client base, the company’s net revenue in the broking segment has jumped The company continues to gain market share in NSE’s active client base, said Keynote Capitals in Q2 review report.

Also read: BJP, state elections & shares: Should stock investors track 'semi-final' ahead of 2024 polls?

Also read: SpiceJet shares jump 4% today as airline adds 44 flights. Details here