Aditya Birla has target of Rs 56.75: Chugh

ALSO READ See previous views by Ashish Chugh See what other Experts & Brokerages are saying about Aditya Birla See messages about Aditya Birla Aditya Birla BSE | NSE 10/02/12 Are Mutual Funds betting on Aditya Birla?

Aditya Birla Money has target of Rs 56.75, says Ashish Chugh , Investment Analyst & Author of Hidden Gems.

Chugh told CNBC-TV18, "Aditya Birla Money is a subsidiary of AB Nuvo who acquired this company from Apollo Hospital Group; this company was earlier known as Apollo Sinduri Capital. Thereafter they came out with Rs 64 open offer., Currently AB Group holds about 74% stake in the company with the old promoters holding close to 10%, which leaves little float for the public."

He further added, "This is mainly a stock broking company having BSE and NSE membership. Their subsidiary has got a membership of MCX, besides this there also depositary participants of both NSDL and CDSL."

"Having gone into fold of a bigger group with a more focused approach in financial services; one can expect a significant scale up of operations in the times to come and opportunities in this space are quite good. Now having gone into the fold of AB group, I think this company is well set to capitalize on the opportunities which are available in this space. Buy with a target of Rs 56.75."

At 14:24 hrs the share was quoting at Rs 53.70, down Rs 0.1, or 0.19%. Yesterday the share closed down 1.28% or Rs 0.70 at Rs 53.80. Market capitalisation stands at Rs 297.50 crore.