Religare Enterprises - Hot Chip can jump up in short term

Posted by admin

November 9, 2008

Religare Enterprises BSE code: 532915 Volume: 22327 CMP: Rs 330.00

Religare Enterprises (REL) has agreed to acquire Lotus India Asset Management Company from the majority shareholders viz. Alexandra Fund Management, an affiliate of the Singapore-based Fullerton Fund Management Company Ltd and India-based Sabre Capital. Lotus India Mutual Fund’s assets under management are worth Rs 5,457 crore (at the end of October). The asset base for the mutual fund fell by more than 30 per cent in the October quarter. Religare Enterprises has a mutual fund joint venture called Religare AEGON Mutual Fund, which is yet to launch its first scheme. In the short term this stock can jump up with the finalization of the announcement hitting the markets.

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