February 23, 2018 / 3:55 AM / 3 months ago

BUZZ-India's Federal Bank rises; stake buy in Equirus Capital

** Federal Bank’s shares up as much as 4.2 pct to 93.5 rupees in biggest daily pct gain since Dec 15

** Co approved buying up to 26 pct stake in financial services company Equirus Capital on Thursday ‍

** Although co did not give further details, Jefferies analysts said “primary synergies lie in broadening product offerings to corporate & SME clients and additional fee income”

** Steady loan growth, improving loan mix and improvement in operating efficiency could increase overall profitability, Jefferies adds, retaining ‘buy’ rating with PT of 145 rupees

** 25 of 29 brokerages rate the stock “buy” or higher, two “hold” and two “sell”; their median PT is 139 rupees

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