Deutsche upgrades Financial Tech to 'buy'
Financial Tech also holds a 33% stake in India's largest energy exchange
Deutsche Bank has upgraded Financial Technologies to ‘buy’ from ‘neutral’ and raised its target price to Rs 1,350 from Rs 870.
Deutsche cited increased revenue from software maintenance solutions, as well as transaction volumes in exchanges MCX and MCX-SX, in which Financial Technologies owns stakes.
The investment bank also cited potential stake sales in MCX-SX and Indian Energy Exchange. MCX and Financial Technologies each hold five per cent equity stake in MCX-SX, and hold additional warrants in the stock exchange.
Financial Tech also holds a 33 per cent stake in India’s largest energy exchange.
Shares in Financial Tech ended down 0.30 per cent at Rs 971.80 on the Bombay Stock Exchange (BSE) on Monday.