dkishore
18-12-2007, 07:07 AM
Fortune Fin zooms on stake sale talk
The interest in the broking space continues to be on an upswing and there is talk of yet another domestic broking house planning a stake sale. As per market buzz, Fortune Financial Services is in talks to sell stake to an overseas entity.
Fortune shares, which closed at Rs 186 on Monday, has risen roughly 130% in the past four months. When contacted, Fortune’s managing director Nimish Shah said, “This is just a rumour. We talk to people on and off, but we have nothing specific at this stage.”
However, the speculation derives comfort in that it comes at a time when foreign financial bigwigs have been vying for a foothold in India’s fast-growing financial services market. Several private equity firms and investment banks are believed to be in talks to buy stakes in several listed and unlisted broking houses, especially second-rung entities, in recent times.
Hanung Toys soars on acquisition buzz
The stock of Noida-based Hanung Toys has been racing ahead on the bourses in the recent past, riding on analyst recommendations that the company is well positioned to capitalise on the growth in the burgeoning toys and textile markets.
The stock, which was quoting at around Rs 97 in March this year, ended at Rs 227 on Monday on BSE. A positive trigger at the counter is the expectation that the company is close to an acquisition before the end of this financial year. “We are looking to acquire a toy manufacturing unit having annual sales of around $50-60 million in China,” Hanung Toys chairman and MD AK Bansal said. “The transaction should cost us around $20 million,” he added.
PINC, a domestic broking house, calculates that the company’s order book for soft toys is Rs 600 crore (executable over 36-48 months) and home furnishings at Rs 460 crore (executed within 36 months) and has a target of Rs 304 on the stock.
The interest in the broking space continues to be on an upswing and there is talk of yet another domestic broking house planning a stake sale. As per market buzz, Fortune Financial Services is in talks to sell stake to an overseas entity.
Fortune shares, which closed at Rs 186 on Monday, has risen roughly 130% in the past four months. When contacted, Fortune’s managing director Nimish Shah said, “This is just a rumour. We talk to people on and off, but we have nothing specific at this stage.”
However, the speculation derives comfort in that it comes at a time when foreign financial bigwigs have been vying for a foothold in India’s fast-growing financial services market. Several private equity firms and investment banks are believed to be in talks to buy stakes in several listed and unlisted broking houses, especially second-rung entities, in recent times.
Hanung Toys soars on acquisition buzz
The stock of Noida-based Hanung Toys has been racing ahead on the bourses in the recent past, riding on analyst recommendations that the company is well positioned to capitalise on the growth in the burgeoning toys and textile markets.
The stock, which was quoting at around Rs 97 in March this year, ended at Rs 227 on Monday on BSE. A positive trigger at the counter is the expectation that the company is close to an acquisition before the end of this financial year. “We are looking to acquire a toy manufacturing unit having annual sales of around $50-60 million in China,” Hanung Toys chairman and MD AK Bansal said. “The transaction should cost us around $20 million,” he added.
PINC, a domestic broking house, calculates that the company’s order book for soft toys is Rs 600 crore (executable over 36-48 months) and home furnishings at Rs 460 crore (executed within 36 months) and has a target of Rs 304 on the stock.