Shares of Choice International Limited saw a significant uptick on Friday, December 27, 2024, as the company announced a major milestone in its financial services journey. The stock surged 4.8% on the BSE, touching an intraday high of ₹563.05 per share, following the Securities and Exchange Board of India’s (SEBI) in-principle approval for the company to set up a mutual fund.
Market Reaction and Performance
At 10:04 AM, Choice International shares were trading at ₹556.05, up 3.6%, outperforming the BSE Sensex, which gained 0.68% to reach 79,004.49. The company’s market capitalization now stands at an impressive ₹11,086.47 crore.
The stock’s robust performance over the past year underscores investor confidence, with shares rallying by 135%, compared to the Sensex’s modest 9% rise. The stock’s 52-week range has seen a low of ₹221.8 and a high of ₹568.85, further highlighting its exceptional growth trajectory.
SEBI Approval Sparks Growth Prospects
In a regulatory filing, Choice International confirmed SEBI’s in-principle approval to sponsor and establish a mutual fund. The company plans to set up an asset management company and a trustee company in line with SEBI regulations and applicable laws. Final approval will depend on the fulfillment of specific requirements outlined in SEBI’s approval letter.
This new venture is poised to expand Choice International’s service offerings, allowing it to tap into the lucrative mutual fund market in India.
About Choice International
Founded in 1993 and headquartered in Mumbai, Choice International Limited operates under the brand name Choice Group. It has cemented its position as a leading financial services company, offering a comprehensive suite of services to retail, corporate, and institutional clients.
Key services include:
- Investment Banking: Expertise in mergers, acquisitions, and corporate restructuring.
- Stockbroking and Wealth Management: Advanced trading platforms and customized portfolio management solutions.
- Financial Consulting: Strategic advisory for tax planning and financial optimization.
- NBFC Operations: Providing lending solutions through its non-banking financial company arm.
The company’s customer-centric approach, combined with technological innovation, has positioned it as a trusted partner in India’s financial ecosystem.
A Year of Milestones
The past year has been a remarkable one for Choice International. The company’s stock has delivered stellar returns, significantly outperforming market benchmarks. This growth reflects its strong fundamentals, diversified service portfolio, and strategic vision to leverage emerging opportunities in India’s rapidly expanding financial services sector.
With SEBI’s nod to enter the mutual fund space, Choice International is poised to unlock new growth avenues and strengthen its position as a key player in India’s financial markets.
