On Thursday, Angel One raised 18 per cent while ICICI securities dropped 5 per cent as investors reacted to the March quarter earnings. Angel One has posted a net profit of Rs 205 crore, double earnings in the same period last year. The number surpassed Street estimates of Rs 175 crore as the broker’s revenue grew 64 per cent year-on-year (YoY) to Rs 671.2 crore.

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With an 18.1 per cent surge, Angel One saw its stock end the day at Rs 1,918.7, valuing the company at Rs 15,910 crore.

Meanwhile, ICICI Securities, a premium brokerage, posted a 3 per cent YoY increase in its net profit to Rs 340 crore and a 21 per cent increase in revenues to Rs 892 crore.

The company’s profits were down 10 per cent on a quarter-on-quarter basis. As a result, its shares fell 5.1 per cent to end at Rs 597, valuing the company at Rs 19,267 crore.

As a result, CLSA reduced its target price on ICICI Securities from Rs 750 to Rs 720 while cutting its earnings growth forecasts for the financial year 2022-23 (FY23) and FY24. It, however, maintained the ‘outperform’ rating. Analysts said the muted performance was on the back of a slump in investment banking activity during the March quarter and a decline in trading volumes.