Geojit Financial Services Share Price

Geojit Financial Services Limited originated in year, 1987 as a Partnership Firm of Mr. C. J. George and his Associates. Later on, the Firm was converted into a Company and got incorporated in November 24, 1994 as Geojit Securities Ltd. The Kerala State Industrial Development Corporation Ltd became a copromoter of Geojit by acquiring 24% stake in the company. In the year 1995, the Company became a Member of National Stock Exchange and installed their first trading terminal in Cochin, Kerala. Through subsidiaries, joint ventures, and partnerships with local banks and financial institutions, the Company has a strong expanding presence in the Middle East region. The Companys distribution network consists of 473 offices spread over 19 states and 2 union territories in India and 4 Middle Eastern nations. The Company offers stock and currency derivatives, portfolio management services, margin trading, mutual fund and insurance product distribution, online financial planning, and commodity derivatives. It has operations outside the country through subsidiaries, an associate and joint ventures in Oman, Kuwait, UAE and Saudi Arabia. In the year 1997, the company became a Depository Participant under National Securities Depository Limited (NSDL) and began to provide Depository Services through their branches. In the year 1999, they became a member of Bombay Stock Exchange and activate Bombay Online Terminals (BOLT) in different branches. The company offered online trading which was inaugurated on February 1, 2000. In the same year, they commenced Derivative Trading and also established the first Bank Gateway in the country for Internet Trading. In the year 2001, the company became the first Indian Depository Participant to launch depository transactions through Internet. Also, they launched a joint venture company in UAE for serving NRI clients.In the year 2002, the company made a tie up with MetLife for the marketing and distribution of insurance products across the country. Also, they became the first online brokerage house to launch integrated internet trading system for both cash and derivatives segments.During the year 200304, the company added 38 branches which includes12 in Kerala, 6 in Karnataka, 10 in Tamil Nadu, 1 in Andhra Pradesh and 9 in Mumbai. The company changed their name from Geojit Securities Ltd to Geojit Financial Services Ltd. Geojit Commodities Ltd, a wholly owned subsidiary company launched Commodity Futures Trading in rubber, pepper, gold, wheat and rice and also they launched Online Futures Trading in multiple commodities namely, agricommodities, precious metals like gold and silver, other metals like steel, aluminium, etc. and energy futures namely, crude oil and furnace oil. During the year 200405, the company entered into the distribution business of insurance and financial products by incorporating three subsidiary companies through their wholly owned subsidiary Geojit Commodities Ltd.During the year 200607, the company promoted a joint venture company namely, Aloula Geojit Brokerage Company Al Johar Group in Saudi Arabia. During the year 200708, Geojit Financial Management Services Private Ltd, which was a subsidiary of Geojit Commodities Ltd, now became a direct subsidiary of the company. They formed a joint venture company namely Barjeel Geojit Securities LLC, Dubai, with Al Saud Group which is having diversified interests in the area of equity markets, real estates and trading. In September 2007, the company through their NRI Business, entered into an exclusive agreement with Bank of Bahrain and Kuwait which is one of the largest retail banks in Bahrain Kuwait.The company is in the process of forming a joint venture company in the Sultanate of Oman with The Financial Corporation Co SAOG to offer brokerage, financial products distribution and related services at an estimated investment of 2,55,000 Oman Riyals. Also they are in the process of starting the real estate and mortgage distribution services.The wholly owned subsidiary, Geojit Commodities Limited has discontinued the commodity brokerage business effective from 31stDecember, 2008. Since the main business of the Company was discontinued, name was changed to Geojit Investment Services Ltd. w.e.f. 2nd April 2009. A Scheme of Amalgamation of Geojit Investment Services Limited with Geojit BNP Paribas Financial Services Limited was approved by the Board of Directors of respective companies and consequently, Company increased its stake in Geojit Credits Private Limited.During the period 201213, the Company entered in to an agreement to sell its entire stake in BNP Paribas Securities India Pvt. Ltd (BNPPSI) held through its wholly owned subsidiary for an amount costing Rs. 41.24 crores. About 84% of stake was sold during the year for a consideration costing Rs 34.3 crore and the balance holding was sold in April, 2013 costing Rs. 6.94 crore. On account of said sale of stake, Company hasnt considered the financials of BNPPSI for consolidated from April 01, 2012.In year 2022, the Company had filed a Scheme of Merger by Absorption of Geojit Investment Services Limited, with Geojit Financial Services Limited, with Kochi Bench of Honble National Company Law Tribunal. Honble Tribunal approved the said Scheme vide its Order dated March 16, 2022 and as a result, Geojit Investment Services Limited became a wholly owned subsidiary of Geojit Financial Services Limited.