CDSL shares surge 9% on heavy volumes; stock soars 59% from March lows

Shares of Central Depository Services Limited (CDSL) rose as much as 8.85% to hit an on intraday high of ₹1,665 on the National Stock Exchange on Monday, June 2. The stock was mirroring gains in other financial services companies which provide access to stock market platforms like BSE, Kfin Technologies and MCX.

Shares of BSE rose as much as 2.28%, MCX advanced as much as 2.5% and Kfin Technologies rose over 6%.

Meanwhile, CDSL shares were witnessing heavier than usual trading volumes as it saw shares worth ₹214.51 crore change hands on the National Stock Exchange. Trading volumes on the counter more than doubled to 1.05 crore shares as against an average trading volume of 50.42 lakh shares by 12:40 pm.

CDSL shares have handsomely rewarded investors in the two months as the shares have jumped a whopping 59% from March low of ₹1,047, data from National Stock Exchange showed.

CDSL last month reported that its net profit in January-March quarter declined 22% annually to ₹100 crore from ₹129 crore in the same period last year. Its revenue from operations declined 4% to ₹224 crore as against ₹241 crore in the year-ago period.

CDSL reported weak operational performance in March quarter as its earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 26% to ₹109 crore and its EBITDA margin contracted by 12.6% to 49%.

The company’s board recommended a final dividend of ₹12.50 per share.

As of 12:42 pm, CDSL shares traded 8.71% higher at ₹1,663 outperforming the NIFTY50 index which was trading on a flat note with a negative bias.