Edelweiss Financial Services surged 151% since January, hold on says expert

By: | Published: September 4, 2017 5:49 PM

Edelweiss Financial Services shares, which has registered a whopping 152% return in the last eight months still have steam left says market expert SP Tulsian.

Edelweiss Financial Services shares closed at Rs 240.25 at NSE on Friday. (Image: Reuters)

Edelweiss Financial Services shares, which has registered a whopping 152% return in the last eight months still have steam left says market expert SP Tulsian. In conversation with CNBC TV18, when asked about the prospects of Edelweiss Financial Services, he said,“ Edelweiss is a good hold for the next two years. If you really see the kind of verticals in the business, they are expanding in the finance field. At present they have a strong presence in the NBFC space.” SP Tulsian said that the company is looking to expand in the other areas as well apart from NBFC.

Addressing investors concerns about the stock being overvalued, the market veteran said,” I’m keeping a positive stance in the stock in spite of the Edelweiss stock seeing a good run-up of more than 125% in the year. I’ll advise that the investors remain invested in the next couple of years.”

The shares closed at Rs 240.25 at NSE on Friday. In the last one month, the shares are up by more than 20%. The BSE Midcap index is up by more than 1% in the same period. In the year so far, the Midcap index has surged by more than 30%. Edelweiss Financial Services shares have beaten the BSE Midcap index in the one year, three year and five year periods.

Sensex and Nifty ended lower on Monday after falling over 1% each in the early afternoon trade. The heavy sell-off in the shares of heavyweight companies such as HDFC, HDFC Bank, Infosys, Kotak Mahindra Bank, Larsen & Toubro, Hindustan Unilever, ITC, Tata Motors, Mahindra & Mahindra, and Bharti Airtel contributed the most to the decline of benchmark Sensex. Collectively these 10 stocks erased off over 188 points in the index while shares of Reliance Industries, Coal India, and Sun Pharma helped the index to trim losses.

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