Angel One Update: Gross client addition rises for the first time in five months; Funding book scales

Shares of discount broking firm Angel One Ltd. will be in focus on Friday, July 3, after the company disclosed its business update for the month of June, and for the entire June quarter.

Angel One's funding book continued to scale new highs, while trading activity saw a rebound after a subdued May. Client addition trends also saw stability in the month gone by.

Average Client Funding Book of the company stood at ₹6,783 crore, a growth of 7.5% from May. However, the growth was slower than the 18.75% growth seen in May.

Client base for the company grew by 1.1% from last month to 38.59 million, while gross client addition stood at 0.45 million from 0.42 million in May. This is the first uptick seen in gross client addition after four straight months of decline.

The softness seen in Angel One's F&O segment, was offset by a surge in commodities trading.

Angel One's Average Daily Turnover (ADTO) stood at ₹529 lakh crore, which is a 1.8% increase on a month-on-month basis. The equity F&O premium turnover declined by 9.8% from last month to ₹14,700 crore.

Commodity segment ADTO grew by 32.1% month-on-month to ₹2.77 lakh, while its market share in this space also grew by 340 basis points month-on-month to 52%.

The broking firm's cash market share declined by 65 basis points month-on-month to 16.9%, while F&O market share declined by 27 basis points to 22.1%.

13 analysts have coverage on Angel One, of which 10 have a "buy" rating, two say "hold" and one has a "sell" recommendation on the stock.

Shares of Angel One ended 1.8% higher on Thursday at ₹346.55. The stock is up 47% so far this year. The stock has now been trading adjusted for its stock split.