DAM Capital Share Price Rises Over 12% As Q3 Profit More Than Doubles
DAM Capital share price rose as much as 12.34% to Rs 314.50 apiece.
Shares of recently listed DAM Capital Advisors Ltd. rose over 12% on Monday as the company's profit for the third quarter of the current financial year more than doubled.
The net profit of the Dharmesh Mehta-led merchant banker climbed to Rs 52 crore in the quarter ended December. In the same quarter of the previous fiscal, the profit stood at Rs 22 crore.
The company's topline rose to Rs 104 crore, as compared to Rs 63 crore in the previous quarter.
DAM Capital's investment banking revenue too saw a two-fold jump to Rs 80 crore, thereby contributing 77% to the topline. However, the company's stock broking revenue saw an 11% decline in the same period to Rs 20 crore.
The company's return on equity for the nine months ended December stood at 60.9% as opposed to 45% for the corresponding period of the prior year.
As of Dec. 31, the company had Rs 238-crore net cash in hand versus Rs 198 crore that it reported in the previous quarter.
DAM Capital Rises Over 12%
DAM Capital share price rose as much as 12.34% to Rs 314.50 apiece, the highest level since Jan. 21. The stock pared gains to trade 4.86% higher at Rs 293.55 apiece, as of 10:24 a.m. This compares to a 0.82% decline in the NSE Nifty 50 index.
It has fallen 29.28% since its listing. Total traded volume so far in the day stood at 4 times its 30-day average. The relative strength index was at 29, indicating the shares were oversold.
DAM was listed on the exchanges on Dec. 27 at a premium of 39% after its IPO was subscribed over 82 times. However, the stock has been trading under pressure and recently fell below its issue price of Rs 283.
