India'a Equitas Small Finance rises on cenbank nod for SBI Funds to buy stake

Equitas Small Finance Bank

04/01/2023 04:45

** Shares of Equitas Small Finance Bank Ltd  EQUI.NS  rise
as much as 5.5% to 62.6 rupees, their highest since Dec 14
    ** The private lender said on Tuesday the Reserve Bank of
India (RBI) has approved SBI Funds Management to buy up to 9.99%
stake in Equitas through schemes of SBI Mutual Fund
    ** Stock above 50-day, 100-day and 200-day moving avgs since
Dec 27
    ** Equitas' moving average convergence divergence (MACD)
line above signal line for past three sessions, suggesting a
bullish mood
    ** More than 4.4 mln shares change hands, ~1.7x 30-day avg
of 2.6 mln shares
    ** Brokerages tracking the stock bullish on it with all 12
of them maintaining "buy" or higher rating; their median PT is
67 Indian rupees
    ** Equitas stock down 1.9% last year
 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com;))