PTC India Fin up 11.3%; divests stake in Ind-Barath Energy

Moneycontrol BureauShare price of PTC India Financial Services (PFS) rose 11.3 percent intraday Monday post divestment of entire stake in Ind-Barath Energy (Utkal) for Rs 311.93 crore.Ind-Barath is setting up a 700 MW coal based thermal power project in Orissa and PFS has invested a sum of Rs 105 crore in the same.Ashok Haldia, MD and CEO, PFS said, "The exit made with a robust return on our investment will strengthen the balance sheet, augment the company's networth, and opportunity for increased lending to upcoming power projects.""The current divestment of an equity investment will provide headroom for growth and the company shall leverage the same to scale up lending activity and achieve sustained growth, as per BSE release.Dharmesh Kant of India Nivesh Securities advises buying PTC India Financial Services with a stoploss at Rs 40 and target of Rs 47.At 10:25 hrs PTC India Financial Services was quoting at Rs 46.60, up Rs 3.85, or 9.01 percent on the BSE.Posted by Rakesh Patil