Deutsche upgrades Financial Tech to 'buy'

Deutsche Bank upgrades Financial Technologies to 'buy' from 'neutral' and raises its target price to Rs 1,350 from Rs 870.

Deutsche cites increased revenue from software maintenance solutions, as well as transaction volumes in exchanges MCX and MCX-SX, in which Financial Tech owns stakes.

The investment bank also cited potential stake sales in MCX-SX and Indian Energy Exchange.

MCX and Financial Tech each hold a 5 per cent equity stake in MCX-SX, and hold additional warrants in the stock exchange.

Financial Tech also holds a 33 per cent stake in India's largest energy exchange.

Shares in Financial Tech trading flat at Rs 974.95.

Copyright @ Thomson Reuters 2012