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Edelweiss Financial share price rises over 12% after Canadian PE firm says to invest Rs 1,800 crore in NBFC arm

Edelweiss Financial Services share price rose 12.29% to 172.70 compared to the previous close of 153.80 on the BSE.

twitter-logo BusinessToday.In        Last Updated: March 6, 2019  | 12:53 IST
Edelweiss Financial share price rises over 12% after Canadian PE firm to invest Rs 1800 crore in NBFC arm
Edelweiss Financial Services share price gained 12.02% to 173.30 against previous close of 154.70 on the NSE.

Edelweiss Financial Services share price rose the most since July 10, 2017 in trade today after the firm said Canadian private equity investor CDPQ Private Equity Asia will invest over Rs 1,800 crore in ECL Finance Limited, Edelweiss' non-banking financial company (NBFC) arm. Edelweiss Financial Services share price rose 12.29% to 172.70 compared to the previous close of 153.80 on the BSE.

Edelweiss Financial Services share price gained 12.02% to 173.30 against previous close of 154.70 on the NSE. Edelweiss Financial Services stock has been gaining for the last three days and gained 19.91% during the period.

Edelweiss Financial Services stock opened with a gain of 5.27% at 161.90 on the BSE.

The stock has lost 37.75% during the last one year and fallen 9.77% since the beginning of this year.

Edelweiss Financial Services turnover rose to Rs 9.90 crore with 5.93 lakh shares changing hands on the BSE.

Morgan Stanley said the equity infusion, prima facie, should be positive for the stock as it should build investor confidence in addition to strengthening the balance sheet

Citi said the deal is positive for capital adequacy but might not immediately help liquidity as approvals and deal consummation may take time

Citi maintains "buy" with price target of Rs 205, while Morgan Stanley keeps "overweight" rating on the stock with price target of Rs 205.

Edelweiss Financial Services Limited is engaged in providing investment banking and advisory services, and holding activities/investments. The company's segments include agency business, capital based business and life insurance.

Its agency business segment is engaged in providing broking, advisory, product distribution and other fee-based services. Its capital based business segment includes income from treasury, investment income and financing.

Its life insurance segment represents results of Edelweiss Tokio Life Insurance Company Limited, a subsidiary of the Company.

Edited by Aseem Thapliyal

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