Vedavaag Systems jumped 4.81% to Rs 66.40 after the company said it has entered into an agreement with Angel One to act as corporate DRA.
As a corporate DRA to Angel One, Vedavaag Systems will facilitate demat account opening services, equity and mutual fund investment services through its country wide network of 2880+ Varishta service points that span over 19 states.Vedavaag said that as the LIC IPO is nearing, facilitating demat account opening and investment services is expected to help rural community to actively participate in the LIC IPO.
Angel Broking is one of the largest independent full-service retail broking houses in India.
Vedavaag Systems is a national business correspondent for SBI, Baroda UP Bank, Bank of Baroda with about 2883 Customer service point (CSP) outlets. Vedavaag is also selected as business correspondent by Punjab National Bank for financial inclusion. Vedavaag's CSP network is targeted to reach about 3500+ outlets by the end of current fiscal year.
On a consolidated basis, net profit of Vedavaag Systems rose 16.36% to Rs 2.49 crore on 7.73% rise in net sales to Rs 22.44 crore in Q3 December 2021 over Q3 December 2020.
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