I agree that they are expanding into new business segments.
If we consider the AMC business, it will take a lot of time to have any impact on the bottomline. HDFC AMC has an AUM of more than 4Lakh Crore and after this AUM, their bottomline is close to 2000cr. Imagine how long it will take for the AMC business to be meaningful for Angel. Also, they are mostly interested in Index Funds with lower commissions. So I am not really sure how this business segment is going to mature for this company.
Secondly, if the broking business is so strong or basically on steroids in India, why enter lending or any other business? Are they also expecting some regulatory pressure from SEBI and hence diversifying their product base?
I just feel the regulatory environment is very uncertain and in such scenarios it is better to wait out any developments.
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