March 6, 2019 / 5:13 AM / in 3 months

BUZZ-India's Edelweiss Financial Services rises; Canada's CDPQ to invest $255 mln in Edelweiss arm

** Shares of Edelweiss Financial Services Ltd jump as much as 12 pct, their biggest intraday pct gain since July 10, 2017

** Edelweiss Group said on Tuesday Canadian private equity investor CDPQ Private Equity Asia will invest over 18 bln rupees ($255.08 mln) in ECL Finance Limited, Edelweiss’ non-banking financial company (NBFC) arm

** Morgan Stanley says 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 says deal is positive for capital adequacy but might not immediately help liquidity as approvals and deal consummation may take time

** Citi maintains “buy” with PT of 205 rupees, while MS keeps “overweight” rating on the stock with PT of 205 rupees

** More than 4.7 mln shares change hands, compared with 30-day average volume of around 2.5 mln shares

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