Date:20/03/2006 URL: http://www.thehindubusinessline.com/2006/03/20/stories/2006032002541500.htm

Back Broking firm Selectgroup to re-brand outlets

Our Bureau

Kochi , March 19

Selectgroup, the Kochi-based stock and commodity broking firm is re-branding its outlets and service lines under the umbrella of a new name Investnet.

The basic idea behind change in brand name is to project the company's shift in focus from a traditional brokerage to a total wealth management and investment centred intermediary, Mr Prince George, Chairman and CEO, said at a press meet. The brand will be officially launched at an event by mid April. As part of branding initiative, the group is also planning to conduct awareness programmes at various centres both in the State and outside, he said.

On financial performance, he said the company is consistently making profits and the average turnover for all segments is likely to climb up to Rs200 crore per day from the present level of Rs100-120 crore. Majority of the turnover constitutes from the derivative segment followed by commodities, he said.

At present, the company is servicing nearly 25,000 customers through a network of 85 branches in Kerala, Tamil Nadu, Karnataka, Maharashtra and Gujarat. The number of branches will be increased to 150 by the year-end. The company is targeting to service one lakh customers by 2008, he said.

Considering the positive trends in the market, the company is taking efforts to create awareness among students and professionals. Investnet is also planning to establish a training institute in this fiscal, which will serve the dual purpose of creating awareness and training professionals for the industry, which is having an acute shortage of trained manpower.