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Blackstone Group (BX), the publicly traded private equity firm, has high hopes for India's growth prospects. After announcing a $50 million stake in India-based media company Jagran Media Network, Blackstone revealed that it plans to invnest as much as $3 billion in the emerging market over the next five years."We are bullish on India," said Akhil Gupta, chairman and managing director of Blackstone India, during a telephone interview with Reuters. "We just invested nearly $1 billion in India during the last five years and we believe it could be two to three times [that amount] over the next five years."
However, Blackstone isn't necessarily hunting for acquisition targets on the subcontinent. Instead, Gupta explained that the company is looking to spread around some growth-stage capital.
Shares of BX have edged cautiously higher amid a mixed day for the broader equities market, but the stock is still trading below key resistance at the $15 level. This stubborn technical ceiling hasn't been surmounted on a monthly closing basis since September 2008, despite multiple challenges by BX.
Unfortunately, options-related resistance could help to reinforce this technical roadblock, as BX's out-of-the-money April 15 strike is home to peak front-month call open interest of 9,667 contracts. With expiration Friday approaching next week, the unwinding of hedges related to this open interest could create a headwind for BX during the short term.
Elizabeth Harrow is a senior equities analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.
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