Indian brokerage Angel One on Wednesday posted a 61% fall in first-quarter profit, as tighter rules for equity derivatives trading in India weighed on retail activity, a key driver for the brokerage’s earnings.
Indian companies scaled back overseas bond issuances as improved domestic liquidity and a weaker rupee made local fundraising more attractive.
The strategy has, however, lagged higher-returning asset classes such as gold and global equities, with 14.7% and 18.6% annualised returns, respectively, over the same period.
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