Delphi World Money Shares Hit 10% Upper Circuit on Heavy Volumes
Mumbai, September 21: Shares of Delphi World Money hit a 10 percent upper circuit of Rs 408 apiece in the intra-day trade on September 21 on the back of heavy volumes. In comparison, the S&P BSE Sensex was down 601 points or 0.9 percent to 66,199 levels, as of 12:50 pm.
Delphi World is a Mumbai-headquartered company that offers money exchange services, including foreign exchange, demand drafts, telegraphic transfers, pre-paid travel cards, general insurance, branded gold coins, and inbound money transfer services.
As of 12:50 pm, around 8,000 shares of Delphi World exchanged hands at both exchanges against the monthly average of 2,000 shares.
On a year-to-date (YTD) basis, the stock of this micro-cap company has surged 5 percent versus a 10 percent rise in the benchmark Sensex. The market capitalization of the company stood at Rs 454 crore.
Earlier, the stock had hit a 52-week high of Rs 475 per share on August 8, 2023, while it touched a 52-week low of Rs 267 per share on March 23, 2023.
According to the company’s 38th annual report for 2022-23 (FY23), Delphi World’s total income from operations rose 73 percent year-on-year (YoY) to Rs 2,630 crore from Rs 1,515 crore in 2021-22.
On the revenue front, sales from foreign currencies, remittances, prepaid cards, commission, and brokerage rose 75 percent YoY to Rs 2,572 crore in FY23. Income from money transfers was up 15 percent YoY in FY23.
That apart, revenue from contracts with customers, which included money transfer services and foreign currency services, rose 37 percent YoY to Rs 86 crore in FY23. The company’s profit after tax, on the other hand, jumped 89 percent YoY to Rs 15 crore in FY23 from Rs 7 crore in FY22.
Related News
- 22 Sep
Technical Analysis Report for Nifty and Three Buy Calls
The Nifty index has been on a strong uptrend in the past three weeks, but it has recently retraced some of those gains. It is now expected to oscillate within the 19,605 to 19,878 range over the next few sessions. Three stocks that look good for buying over the next 2-3 weeks are Havells India, KSB, and Gujarat Ambuja Exports. All three stocks have strong bullish momentum and are trading above their key moving averages.
- 22 Sep
Maruti Suzuki Stock Gains on Bullish Stance from Global Brokerages
Maruti Suzuki stock gains on bullish stance from global brokerages Shares of Maruti Suzuki India surged on Friday after global brokerages Citi and Morgan Stanley maintained bullish stance on the counter. Both brokerages cited the company's improving product mix and attractive valuation as key reasons for their optimism. In addition, Maruti Suzuki reported strong sales performance in August 2023, with total domestic sales jumping 14 percent year-on-year and sale of utility vehicles jumping 118 percent year-on-year. Overall, the bullish stance from global brokerages and the company's strong sales performance are providing a boost to Maruti Suzuki stock.
- 22 Sep
PNB Gilts Hits Upper Circuit on Inclusion of Indian Bonds in JPMorgan Index
Shares of PNB Gilts hit upper circuit on September 22, 2023, following news that India's inclusion in JPMorgan's bond index is seen driving billions of dollars of inflows. The index provider will add Indian bonds to its widely-tracked emerging market index starting June 28, 2024. PNB Gilts is a primary dealer in government securities and other fixed-income instruments. The inclusion of Indian bonds in JPMorgan's index is expected to attract significant foreign inflows, which is likely to benefit PNB Gilts and other primary dealers in government securities.
- 22 Sep
Indian Bond Markets to Remain Stable in Near Term After JPMorgan Inclusion
Indian bond markets are expected to remain stable in the near term after JPMorgan's inclusion of India in its widely tracked emerging market debt index, according to BlackRock's head of Asia Pacific fixed income, Neeraj Seth. Seth expects inflows of around $20 billion to $25 billion into India after the maximum weight threshold is achieved on the GBI-EM index. Given the size of the global government bond market, this is relatively small and is unlikely to have a significant impact on volatility.
- 22 Sep
Indian market drops on September 22 despite inclusion of Indian bonds in JP Morgan index
Indian benchmark indices Sensex and Nifty fell for the fourth consecutive day on September 22, despite the inclusion of Indian bonds in the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) global index suite from June 2024. The market is expected to remain volatile in the near term, with key support at 19,600 for Nifty.
Leave a Reply