India Infoline Ltd, a Mumbai-based financial services company, has received provisional membership approval for starting stock broking activities in the Colombo Stock Exchange (CSE) in Sri Lanka.
The company will soon set up a subsidiary, systems and infrastructure for commencing stock broking services in Sri Lanka, R Venkataraman, executive director, India Infoline, said in a statement. India Infoline claims to be the first India-based broker to get membership of the Sri Lankan bourse.
In FY10, the revenue of the company rose 28% to Rs 1,123.66 crore, while net profit rose 60% to Rs 231.99 crore. The shares of the company were traded at Rs 105, up by Rs 1.35 or 1.30% at 12:40 pm on BSE today.