Kotak charges Rs. 500 on profit of Rs.800. How to make day trading work?
Hi,
I need your help in understanding if I am being charged correctly and how to make day trading work.
I recently purchased 100 shares of 'Bank of Baroda' at 730.5 and sold them 738.67. I thought I made a cool Rs. 800 minus a few rupees as Broker's fees.
It turned out that the broker's fees took a bite of over Rs. 500. and I received only Rs. 300 for taking all the risk!!
Step 1: Bought 100 shares of 'Bank of Baroda' at Rs. 730.5:
============================================================
Gross Rate: 730.5000
Brokerage rate per security: 1.4610
Net rate per security: 731.9610
Gross Value: 73050.00
Brokerage value: 146.10
Net settlement value: 73196.10
Other charges:
--------------
SERVICE TAX ON BROKERAGE 15.05
SERVICE TAX ON OTHER CHGS 0.75
STAMP & OTHER CHARGES 14.64
STT 91.00
----------
Final cost: 73317.54
Step 1: Sold 100 shares of 'Bank of Baroda' at Rs. 730.5:
===========================================================
(
Gross Rate: 738.6750
Brokerage rate per security: 1.4773
Net rate per security: 737.1977
Gross Value: 73867.50
Brokerage value: 147.73
Net settlement value: 73719.77
Other charges:
--------------
SERVICE TAX ON BROKERAGE 15.22
SERVICE TAX ON OTHER CHGS 0.76
STAMP & OTHER CHARGES 14.74
STT 92.00
----------
Final cost: 73597.05
Net profit: Rs. 279 Instead of theoretical Rs.800.
So I take risk of over Rs.70,000, make theroretical profit of Rs. 800 and The broker keeps Rs. 300, I lose another Rs.200 in taxes and other charges. And get to keep only Rs. 300.
How can I make this work?
Hi,
I need your help in understanding if I am being charged correctly and how to make day trading work.
I recently purchased 100 shares of 'Bank of Baroda' at 730.5 and sold them 738.67. I thought I made a cool Rs. 800 minus a few rupees as Broker's fees.
It turned out that the broker's fees took a bite of over Rs. 500. and I received only Rs. 300 for taking all the risk!!
Step 1: Bought 100 shares of 'Bank of Baroda' at Rs. 730.5:
============================================================
Gross Rate: 730.5000
Brokerage rate per security: 1.4610
Net rate per security: 731.9610
Gross Value: 73050.00
Brokerage value: 146.10
Net settlement value: 73196.10
Other charges:
--------------
SERVICE TAX ON BROKERAGE 15.05
SERVICE TAX ON OTHER CHGS 0.75
STAMP & OTHER CHARGES 14.64
STT 91.00
----------
Final cost: 73317.54
Step 1: Sold 100 shares of 'Bank of Baroda' at Rs. 730.5:
===========================================================
(
Gross Rate: 738.6750
Brokerage rate per security: 1.4773
Net rate per security: 737.1977
Gross Value: 73867.50
Brokerage value: 147.73
Net settlement value: 73719.77
Other charges:
--------------
SERVICE TAX ON BROKERAGE 15.22
SERVICE TAX ON OTHER CHGS 0.76
STAMP & OTHER CHARGES 14.74
STT 92.00
----------
Final cost: 73597.05
Net profit: Rs. 279 Instead of theoretical Rs.800.
So I take risk of over Rs.70,000, make theroretical profit of Rs. 800 and The broker keeps Rs. 300, I lose another Rs.200 in taxes and other charges. And get to keep only Rs. 300.
How can I make this work?