KANPUR Unfazed by the volatilities of the trading world, share market investments from Kanpur have been experiencing significant growth, propelling the city into the top 10 list of contributors to the cash turnover of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
According to a recent report from the Securities and Exchange Board of India (SEBI), Kanpur has secured the eighth position in this regard. Residents of Kanpur are engaging in daily share trading activities worth ₹339 crore. In the initial three months of the ongoing fiscal year, the city has recorded a substantial trading volume of over ₹20,000 crore.
When it comes to mutual fund investments in Uttar Pradesh, Kanpur holds the second position, trailing only behind Noida. The report paints a promising picture of Kanpur’s potential. In the financial year 2022-23, Kanpur contributed a substantial ₹38,431 crore to the cash turnover of NSE and BSE. The projections for the current year suggest a further increase to around ₹80,000 crore.
The report highlights that the average daily trading volume has nearly tripled this year, rising from ₹154 crore last year to a remarkable figure. In the first quarter, shares have been bought or sold with a transaction value of ₹20,361 crore.
{{/usCountry}}The report highlights that the average daily trading volume has nearly tripled this year, rising from ₹154 crore last year to a remarkable figure. In the first quarter, shares have been bought or sold with a transaction value of ₹20,361 crore.
{{/usCountry}}During May and June, the business growth has been nothing short of exponential, as outlined in the report. This rapid growth signifies Kanpur’s increasing contribution to NSE’s cash turnover, which has surged from 0.27% last year to an impressive 0.56% in the first quarter alone.
Significantly, Mumbai and Ahmedabad continue to lead the contributions, closely followed by Delhi, Hyderabad, and Rajkot. Kanpur stands out as the sole city from central India and the only one from Uttar Pradesh to secure a spot on this coveted list.
Sanjeev Chuknoo, a leading share broker, said that as the city’s economy continues to expand and the markets maintain their robustness, Kanpur, being an industrial hub, is experiencing corresponding growth. The city formerly hosted the state’s only stock exchange, which enjoyed significant success during its prime and fostered a thriving network of brokers and investors.
He added, “The central and state governments’ push for investments is reflected in the markets, which, despite fluctuations, have demonstrated resilient growth.”
Another expert and investor, Vinod Khanna, pointed out that Kanpur’s youth holds the largest number of Demat accounts for investing in mutual funds and SIPs. Consequently, the returns are improving with each passing year.
“Union Finance Minister Nirmala Sitharaman herself acknowledged the pivotal role of tier-2 and tier-3 cities in driving market growth, and Kanpur stands proudly among them,” he emphasized.