India's Aptus Value down after denying report of takeover by Cholamandalam

Aptus Value Housing Finance India

09/03/2023 06:38

** Shares of Aptus Value Housing Finance India  APTS.NS 
fall as much as 5% to 250.30 rupees
    ** Aptus denies media report claiming Cholamandalam
Investment and Finance Company  CHLA.NS  is eyeing a takeover of
co
    ** Analysts at Kotak Institutional Equities find Aptus a
good fit for Chola but feel its near-term profitability may be
marginally diluted due to Aptus’ current lower capitalization
levels
    ** CLSA says such a merger would catapult Cholamandalam 2-3
years forward with foray into affordable housing finance
    ** More than 477,000 shares traded by 11.50 a.m. IST, 1.6x
the 30-day avg
    ** Average rating of nine brokerages at equivalent of 'buy'
with median PT of 342.5 rupees - Refinitiv data
    ** Stock down 16.7% so far this year, extending a 10.6% fall
in 2022
    ** CHLA shares are up 1.0% at 774.60 rupees

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))