FT soars 20% on hopes of sale of NK Proteins

Financial Technologies (FTIL), the promoter of the crisis-ridden National Spot Exchange (NSEL), has gained around 20% in an otherwise weak Mumbai markets amidst expectations that the group may get some relief from the speculated sale of NK Proteins, a borrower company.

“That trade is because of rumours that one of the troubled borrowers will be sold off and the proceeds will give some cushion to the group,” said Arun Kejriwal of Kejriwal Research and Investment Services.

“That will also help secure part of the bridge loan by FT given to NSEL,” he added.

NK Proteins is one of the portfolio companies of Brand Capital, the investment arm of Bennett, Coleman Co, the leading publishing house in the country.

There are talks of other negotiations between Jignesh Shah, the promoter of FT and NSEL and the investors in the exchange.