The Bombay Stock Exchange (BSE) shares opened higher by more than 10% on Thursday after the firm released its June quarter results after market hours on Wednesday evening.

The BSE had an excellent quarter, reporting a 24% increase in revenue to ₹607.7 crore over the March quarter of the previous year. The revenue growth was boosted by a 45% quarterly increase in transaction charges, reaching ₹366.3 crore.

During the quarter, BSE’s topline increased by a 7.6% rise in treasury income and 16.4% growth in other securities services.

The main feature of the quarter was a 25 percentage point increase in BSE’s EBITDA margin, which rose to 47% from 19.7% in the March quarter.

During the quarter, BSE’s margin increased as a result of a 53% decrease in SEBI regulatory fees and another 5% decrease in administrative and other expenses.

As of 10:29 am, BSE shares were trading 7.23% higher at Rs 2,572.00 on the NSE.

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The total mcap of all companies listed on the BSE has once again overtaken Hong Kong to rank as the world’s fourth-highest equity market.

Bloomberg data shows that the current mcap of the BSE all listed companies is $5.18 trillion, compared to $5.17 trillion for Hong Kong. With a mcap of $56.49 trillion, the US leads the world’s market, followed by China ($8.84 trillion) and Japan ($6.30 trillion).

On January 23, Indian markets surpassed Hong Kong, but Hong Kong quickly climbed back to its fourth place. The Hang Seng Index in Hong Kong has risen more than 12% since April and has now entered a bull market, up about 20% from its January low. This recovery comes after years of losses due to China’s economic concerns and geopolitical tensions. A stronger Chinese economy, lower valuations and increasing mainland investment have all boosted the market’s performance. Furthermore, China’s Rmb300bn ($41 billion) fund to promote the real estate sector has helped boost market sentiment.

In the meanwhile, significant volatility was seen last week in Indian markets following the election results. The market fell more than 6% on June 4, but it has since recovered and reached a new high. All BSE-listed businesses’ total market capitalization jumped by more than Rs32 lakh crore, hitting a record high of Rs432 lakh crore ($5.18 trillion).