Industry: Banking Recommendation: Subscribe Date: August 12, 2016

Size: px
Start display at page:

Download "Industry: Banking Recommendation: Subscribe Date: August 12, 2016"

Transcription

1 IPO Note: RBL Bank Ltd. Industry: Banking Recommendation: Subscribe Date: August 12, 2016 Issue Snapshot Company Name RBL Bank Ltd. Issue Opens August 19, 2016 to August 23, 2016 Price Band Rs. 224 to Rs. 225 Bid Lot The Offer Issue Size IPO Process Face Value Rs Exchanges BRLM Registrar Objects of the Offer 65 Equity Shares and in multiples thereof. Public issue of 53,909,628* Equity shares of Face value Rs.10 each, (Comprising of fresh issue of 37,000,000* Equity Shares (Rs cr) and Offer for Sale of 16,909,628 Equity Shares (Rs cr*) by Selling Shareholder). Rs Crore 100% Book Building NSE & BSE Axis Capital Limited, Kotak Mahindra Capital Company Limited, HDFC Bank Limited, Citigroup Global Markets (India) Private Limited, Morgan Stanley India Company Private Limited, ICICI Securities Limited, IDFC Securities Limited, IIFL Holdings Limited and SBI Capital Markets Limited Link Intime India Private Limited Offer for Sale The Company will not receive any proceeds of the Offer for Sale by the Selling Shareholder Fresh Issue To augment Bank s Tier-I capital base to meet future capital requirements, and to ensure compliance with Basel III and other RBI guidelines; and General corporate purposes. Issue Break up Issue Size Allocation Equity Shares* QIB 50% 26,954,814 HNI 15% 8,086,444 RII 35% 18,868,370 Total Public 100% 53,909,628 * Based on Higher Price 225 Company Highlights RBL Bank Ltd ( RBL ) is one of India s fastest growing private sector banks in the last six years. It offers a comprehensive range of banking products and services customized to cater to the needs of large corporations, small and medium enterprises ( SMEs ), agricultural customers, retail customers and development banking & financial inclusion (low income) customers. RBL have been expanding presence across India through a growing network of branches and ATMs and upgrading traditional delivery channels with modern technology-enabled channels like phone banking, internet banking and mobile banking. As of March 31, 2016, RBL has 197 interconnected branches and 362 interconnected ATMs spread across 16 Indian states and union territories serving over 1.9 million customers. As part of the growth strategy, RBL acquired certain Indian businesses of the Royal Bank of Scotland ( RBS ), including the RBS s Business Banking, Credit Card and Mortgage Portfolio Businesses, in Fiscal This acquisition has added to existing businesses, enabling the bank to expand their scale of operations and geographic presence. More importantly, as part of this acquisition, RBL also integrated an experienced team of RBS employees associated with these businesses. The Branch network, which was historically concentrated in South Western Maharashtra and Northern Karnataka, has now expanded across India through a growing network of branches and ATMs. During FY15 and FY16, RBL opened 25 new branches across various states including in the key cities of Kolkata, Delhi, Mumbai, Chennai and Bangalore. Their distribution network included 362 interconnected ATMs as of March 31, In addition, RBL has Digital Banking channels including Mobile Banking, Internet Banking and Phone Banking/IVR. RBL has developed Micro- Payment and Branchless Banking Solutions as well as a Business Correspondent Network to expand customer reach. 1

2 The Business segments consist of Corporate and Institutional Banking ( C&IB ), Commercial Banking ( CB ), Branch and Business Banking ( BBB ), Agribusiness Banking ( AB ), Development Banking and Financial Inclusion ( DB&FI ) and Treasury and Financial Markets Operations. One of the core tenets assimilated within each of this business segments is to cross-sell the products and solutions of entire Bank. Total income has grown from Rs. 532 crore in FY12 to Rs crore in FY16, which represents a CAGR of 57.02%. Other income has increased from Rs. 67 crore in FY12 to Rs. 491 crore in FY16, which represents a CAGR of 64.42%. Net profit has increased from Rs. 65 crore in FY12 to Rs. 293 crore in FY16, which represents a CAGR of 45.59%. Deposits grew from Rs crore at the end of FY12 to Rs crore at the end of FY16, which represents a CAGR of 50.55%. Advances grew from Rs crore at the end of FY12 to Rs crore at the end of FY16, which represents a CAGR of 50.54%. View RBL Bank Ltd ( RBL ) is one of the fastest growing Private Sector Bank, having wide distribution network with presence through 197 interconnected branches and 362 interconnected ATMs in 16 States and Union Territories in India serving over 1.9 million customers. Over the years, advances have grown at a rate of 51% CAGR between FY12 and FY16 while total Income grew at a CAGR of 57% in the same time period. The bank depends on deposits as its source of funds and the same is reflected in declining cost of funds from 9.2% in FY14 to 8% in FY16, thus expanding the net interest margins (NIM) from 2.68% in FY12 to 2.96% in FY16. The bank depends or banks upon MSME customers and Corporate and Institutional Banking ( C&IB ) are the biggest contributor (38.56% of loan assets) among business segments. Branch and Business Banking ( BBB ) segment which includes retail banking has relatively low contribution of 17.15% as of FY16 but growing. According to the management, CI&IB business to focus on working capital driven non-fund based business going ahead. Low retail penetration is witnessed from low CASA ratio of 18.64% as of FY16 and heavy dependence on top 20 depositors (22.88% of total deposits). Nevertheless, the bank has every chance to enhance its CASA ratio with increase in retail banking. RBL bank has also curtailed on operating expenses, thus improving its cost to income ratio from 70.35% in FY14 to 58.59% in FY16. Besides, the management focus will be more on the high usage of technology, following the "High Tech, High Touch" mantra. Owing to cost curtail, return on assets (ROA) have improved from 0.31% in FY14 to 0.98% in FY16. One of the aspects to highlight has been the steady and strong asset quality of the bank despite asset quality review (AQR) by RBI. The gross NPAs (GNPA) as % of gross advances of RBL bank increased from 0.79% in FY14 to 0.98% in FY16. The restructured advances as of FY16 stand at a low of ~Rs 20 crore. Besides, the bank doesn t have any massive exposure to the stressed sectors. Although, 95 of the 197 branches are in Maharashtra and Karnataka, account for 45% of the business against 78% initially, thus lowering its dependence and diversifying. On valuation front at higher price band, RBL is valued at P/BV multiple of 2.18x on post issue BVPS, which is at par with industry average. Given, healthy asset quality, strong credit growth and gradual penetration to new areas, the IPO looks quite compelling and we advise our investors to SUBSCRIBE the issue from a long term perspective, with possibility of some listing gains. Deposits and Percentage Composition (In Rs. Cr.) Amount % of total Amount % of total Amount % of total Demand deposits 1, , , Savings deposits , Term deposits 9, , , Total 11, , ,

3 Financial Statement (In Rs. Cr.) FY12 FY13 FY14 FY15 FY16 Balance sheet Share Capital Net Worth 1, , , , ,988.2 Deposits 4, , , , ,348.7 Borrowings 1, , , , ,536.2 Advances 4, , , , ,229.1 Investments 2, , , , ,436.0 Income statement Interest Earned , , ,744.3 Non-Interest Income Total Income , , , ,234.9 Interest Expended , , ,925.1 Net Interest Income Operating Expenses Provisions Net Profit Earning per share ( Diluted ) (Rs.) Return on net worth (%) Net asset value per equity share (Rs.) Comparison with listed industry peers Co Name EPS (Rs.) P/E (x) P/BV (x) RONW (%) NAV (Rs.) RBL Bank Limited * 2.18* Yes Bank Limited Indusind Bank Limited Kotak Mahindra Bank Limited City Union Bank Limited DCB Bank Limited * Calculated, Ashika Research 3

4 (In Rs. Cr.) FY14 FY15 FY16 Return on Equity and Assets Net Profit Average Total Assets Average Net Worth Return on Net Worth (%) Return on Assets (%) Average Net Worth % of Avg Total Assets (%) Dividend payout ratio (%) 26.53% 17.70% 16.67% Key Operational and Financial Information Number of branches / extension counters (nos.) Total advances (Net) 9, , , Total assets 18, , , Total deposits 11, , , CASA Ratio (%) Net Interest Margin (%) Capital Adequacy Ratio (CAR) (%) Cost to Income Ratio (%) Net profit Gross NPA (%) (as % of Gross advances) Net NPA (%) (as % of Net advances) Return on Asset (%) Provision coverage (%) Capital adequacy ratio ( CAR ) (%) 14.64% 13.13% 12.94% CAR Tier I capital (%) 14.33% 12.74% 11.10% CAR Tier II capital (%) 0.31% 0.39% 1.84% Non Performing Assets ( NPAs ) Gross NPAs Net NPAs Gross NPAs/gross advances (%) Net NPAs/net advances (%) Provision (%) Yield on assets (%) Cost of funds (%) Spread (%) Net Interest Margin (%) Interest coverage ratio

5 Name Designation ID Contact No. Paras Bothra VP Equity Research Krishna Kumar Agarwal Equity Research Analyst Partha Mazumder Equity Research Analyst Arijit Malakar Equity Research Analyst Chanchal Bachhawat Equity Research Analyst Tirthankar Das Technical & Derivative Analyst SEBI Registration No. INH Disclosure The Research Analysts and /or do hereby certify that all the views expressed in this research report accurately reflect their views about the subject issuer(s) or securities. Moreover, they also certify the followings:- The Research Analyst or or his/its Associates or his/its relative, has any financial interest in the subject company (ies) covered in this report. No The Research Analyst or or his/its Associates or his/its relative, have actual/beneficial ownership of 1% or more in the subject company, at the end of the month immediately preceding the date of the publication of the research report. No The Research Analyst or or his/its Associates or his/its relatives has any material conflict of interest at the time of publication of the research report. No The Research Analyst or or his/its Associates have received any compensation or compensation for investment banking or merchant banking or brokerage services or for product other than for investment banking or merchant banking or brokerage services from the companies covered in this report in the past 12 months. No * The Research Analyst or or his/its Associates have managed or co managed in the previous 12 months any private or public offering of securities for the company (ies) covered in this report. No The Research Analyst or or his/its Associates have received any compensation or other benefits from the company (ies) covered in this report or any third party in connection with the Research Report. No The Research Analyst has served as an officer, director or employee of the company (ies) covered in the research report. No The Research Analyst or has been engaged in Market making activity of the company (ies) covered in the research report. No * is acting as a Sub-Syndicate Member for this IPO Disclaimer This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Ashika Stock Broking Ltd. is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon such. Ashika Stock Broking Ltd. or any of its affiliates or employees shall not be in anyway responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Ashika Stock Broking Ltd., or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations. 5

PNB Housing Finance Ltd.

PNB Housing Finance Ltd. IPO Note: PNB Housing Finance Ltd. Industry: Housing Finance Recommendation: Not Rated Date: October 20, 2016 Company Name PNB Housing Finance Ltd. Issue Opens October 25, 2016 to October 27, 2016 Price

More information

Ujjivan Financial Services Ltd.

Ujjivan Financial Services Ltd. IPO Note: Ujjivan Financial Services Ltd. Industry: Microfinance Recommendation: Subscribe Date: April 25, 2016 Issue Snapshot Company Name Ujjivan Financial Services Ltd. Issue Opens April 28, 2016 to

More information

Industry: Finance Reco: Subscribe Date: March 09, 2018

Industry: Finance Reco: Subscribe Date: March 09, 2018 IPO Note: Bandhan Bank Ltd. Industry: Finance Reco: Subscribe Date: March 09, 2018 Company Name Bandhan Bank Ltd. Issue Snapshot Issue Opens March 15, 2018 to March 19, 2018 Price Band Rs. 370 to Rs. 375

More information

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. IPO Note: HDFC Standard Life Insurance Company Ltd. Industry: Life Insurance Recommendation: Subscribe Date: November 06, 2017 Issue Snapshot Company Name HDFC Standard Life Insurance Company Ltd. Issue

More information

SBI Life Insurance Company Ltd.

SBI Life Insurance Company Ltd. IPO Note: SBI Life Insurance Company Ltd. Industry: Life Insurance Recommendation: Subscribe Date: September 19, 2017 Issue Snapshot Company Name SBI Life Insurance Company Ltd. Issue Opens September 20,

More information

IndoStar Capital Finance Ltd.

IndoStar Capital Finance Ltd. IPO Note: IndoStar Capital Finance Ltd. Industry: NBFC Date: May 09, 2018 Issue Snapshot Company Name IndoStar Capital Finance Ltd. Issue Opens May 09, 2018 to May 11, 2018 Price Band Rs. 570 to Rs. 572

More information

General Insurance Corporation of India

General Insurance Corporation of India IPO Note: General Insurance Corporation of India Industry: Insurance Reco: Subscribe Date: October 05, 2017 Issue Snapshot Company Name General Insurance Corporation of India Issue Opens October 11, 2017

More information

Housing and Urban Development Corporation Ltd.

Housing and Urban Development Corporation Ltd. IPO Note: Housing and Urban Development Corporation Ltd. Industry: Housing Finance Recommendation: Subscribe Date: May 05, 2017 Issue Snapshot Company Name Housing and Urban Development Corporation Ltd.

More information

Reliance Nippon Life Asset Management Ltd.

Reliance Nippon Life Asset Management Ltd. IPO Note: Reliance Nippon Life Asset Management Ltd. Industry: BFSI Recommendation: Subscribe Date: October 23, 2017 Issue Snapshot Company Name Reliance Nippon Life Asset Management Ltd. Issue Opens October

More information

Subscribe. RBL Bank Ltd RETAIL EQUITY RESEARCH IPO NOTE. Price Range : Rs Riding high on growth momentum. Purpose of IPO. Key Risks...

Subscribe. RBL Bank Ltd RETAIL EQUITY RESEARCH IPO NOTE. Price Range : Rs Riding high on growth momentum. Purpose of IPO. Key Risks... IPO NOTE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH RBL Bank Ltd Sensex : 28,123 Nifty : 8,673 Subscribe Price Range : Rs224-225 18 th August 2016 Riding high on growth momentum RBL Bank Ltd (RBL)

More information

Aug 16, 2016 RBL BANK LIMITED. SMC Ranking. Competitive Strengths (3/5) Business Overview. Issue Highlights. Issue Composition

Aug 16, 2016 RBL BANK LIMITED. SMC Ranking. Competitive Strengths (3/5) Business Overview. Issue Highlights. Issue Composition RBL BANK LIMITED Aug 16, 2016 Business Overview SMC Ranking (3/5) Issue Highlights Industry Bank Total Issue (Shares) - Offer for sale 16,909,628 Total Issue (Shares) - Fresh Issue 48,888,889 Net Offer

More information

PNB Housing Finance Ltd. Robust play in Indian HFC sector SUBSCRIBE 24th Oct, 2016

PNB Housing Finance Ltd. Robust play in Indian HFC sector SUBSCRIBE 24th Oct, 2016 PNB Housing Finance Ltd. Robust play in Indian HFC sector SUBSCRIBE 24th Oct, 2016 PNB Housing Finance Ltd (PNBHFL) is the fifth largest housing finance company (in terms of loan portfolio) and the second

More information

Recommendation BUY Snapshot CMP (01/08/2011) Rs. 85 Target Rs. 129

Recommendation BUY Snapshot CMP (01/08/2011) Rs. 85 Target Rs. 129 Recommendation BUY Snapshot CMP (01/08/2011) Rs. 85 Target Rs. 129 Sector Banking Stock Details BSE Code NSE Code Bloomberg Code Market Cap (Rs. Crs) Free Float (%) 52 wk HI/Low Avg. volume BSE (Quarterly)

More information

Bank of Baroda (BOB)

Bank of Baroda (BOB) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Volume No.. III Issue No. 153. Bank of Baroda (BOB) Dec. 8, 2017 BSE Code: 532134 NSE Code: BANKBARODA Reuters

More information

IPO NOTE BANDHAN BANK LIMITED

IPO NOTE BANDHAN BANK LIMITED IPO NOTE BANDHAN BANK LIMITED 12 TH -MARCH-2018 Rating: Issue Summary: Price Band (Rs) Face Value (Rs) 10 Market Lot Rs.370-375 per share 40 shares Opens 15 th March, 2018 Closes 19 th march, 2018 Issue

More information

RBL Bank Limited SUBSCRIBE. Strong Management at the helm of affairs. Issue Open: August 19, 2016 Issue Close: August 23, 2016

RBL Bank Limited SUBSCRIBE. Strong Management at the helm of affairs. Issue Open: August 19, 2016 Issue Close: August 23, 2016 IPO Note Financial Services August 17, 2016 RBL Bank Limited Strong Management at the helm of affairs RBL Bank Ltd (RBL) has emerged as one of the fastest growing private sector banks in the last six years

More information

Objects of the Issue

Objects of the Issue Recommendation SUBSCRIBE Background Price Band Rs. 160 175 Bidding Date Book Running Lead Manager Registrar Sector 18 th Apr 21 th Apr ICICI Sec, Kotak Mahindra Link Intime India Pvt Ltd Retail Application

More information

State Bank of India (SBI)

State Bank of India (SBI) Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17. Volume No.. II Issue No. 126 State Bank of India (SBI) June 23, 217 BSE Code: 5112 NSE Code: SBIN Reuters Code:

More information

RBL Bank Ltd. May Feb. 623, th, 2017

RBL Bank Ltd. May Feb. 623, th, 2017 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17. Volume No.. 2 Issue No. 119 RBL Bank Ltd. May Feb. 623, th, 2017 BSE Code: 540065 NSE Code: RBLBANK Reuters Code: RATB.NS Bloomberg

More information

July 24, 2018 HDFC ASSET MANAGEMENT COMPANY LIMITED. SMC Ranking (3.5/5) About the Company. Issue Highlights. Strength. Shareholding Pattern (%)

July 24, 2018 HDFC ASSET MANAGEMENT COMPANY LIMITED. SMC Ranking (3.5/5) About the Company. Issue Highlights. Strength. Shareholding Pattern (%) HDFC ASSET MANAGEMENT COMPANY LIMITED July 24, 2018 SMC Ranking (3.5/5) Issue Highlights Industry Mutual Fund Offer for sale (Shares) 25,457,555 Reservation Portions 3,280,000 Net Offer to the Public 22,177,555

More information

Maharshtra Seamless Ltd.

Maharshtra Seamless Ltd. Maharshtra Seamless Ltd. Company Overview Maharashtra Seamless (MSL) is a leading manufacturer of seamless and Electric Resistant Welded (ERW) carbon & alloy steel pipes and tubes in India. Both seamless

More information

ICICI BANK Ltd. BUY CMP (Rs.) 334 Target (Rs.) 382 Potential Upside 15% Tide set to turn favourably... For private circulation only

ICICI BANK Ltd. BUY CMP (Rs.) 334 Target (Rs.) 382 Potential Upside 15% Tide set to turn favourably... For private circulation only Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 160. ICICI BANK Ltd. Feb. 08, 2018 BSE Code: 532174 NSE Code: ICICIBANK Reuters Code:

More information

Axis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018

Axis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Volume No.. III Issue No. 188. Axis Bank Ltd. October 08, 2018 BSE Code: 532215 NSE Code: AXISBANK Reuters Code:

More information

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11%

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11% Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17. Volume No.. I Issue No. 147 HDFC Bank Oct. 31, 2017 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.NS

More information

DCB Bank (DCB) 208. Healthy fundamentals priced in. Company Update. ICICI Securities Ltd Retail Equity Research. June 13, 2017

DCB Bank (DCB) 208. Healthy fundamentals priced in. Company Update. ICICI Securities Ltd Retail Equity Research. June 13, 2017 Company Update Rating matrix Rating : Hold Target : 200 Target Period : 12 months Potential Upside : -4% What s Changed? Target Changed from 165 to 200 EPS FY18E EPS FY19E Rating Key Financials Crore FY16

More information

RBL Bank BUY. CMP Target Price `573 `690. Quick take BANK. January 7, year price chart

RBL Bank BUY. CMP Target Price `573 `690. Quick take BANK. January 7, year price chart Nov-15 Jan-16 Apr-16 Jun-16 Sep-16 Nov-16 Feb-17 Apr-17 Jul-17 Sep-17 Dec-17 Feb-18 May-18 Jul-18 Oct-18 Dec-18 RBL RBL (RBL), formerly Ratnakar, was founded in 1943 and is a 75-year old bank now. Post

More information

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. Outlook getting better. CMP Rs278 TARGET Rs310 RETURN 12% 17 th November 2016

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. Outlook getting better. CMP Rs278 TARGET Rs310 RETURN 12% 17 th November 2016 Q2FY17 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112 NSE CODE: SBIN Bloomberg CODE: SBIN:IN SENSEX: 26,228 BUY Rating as per Large

More information

BUY. ICICI Bank RETAIL EQUITY RESEARCH. Banking. ddd******* GEOJIT Research. Strong traction in retail segment continues

BUY. ICICI Bank RETAIL EQUITY RESEARCH. Banking. ddd******* GEOJIT Research. Strong traction in retail segment continues Q3FY17 RESULT UPDATE Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 GEOJIT Research Nov-16 Dec-16 Jan-17 Feb-17 RETAIL EQUITY RESEARCH ICICI Bank Ltd Banking BSE CODE:532174 NSE CODE: ICICIBANK

More information

RBL Bank Ltd. Banking. ACCUMULATE Rating as per Mid Cap 12 months investment period RETAIL EQUITY RESEARCH

RBL Bank Ltd. Banking. ACCUMULATE Rating as per Mid Cap 12 months investment period RETAIL EQUITY RESEARCH Q1FY18 RESUL UPDATE Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 RETAIL EQUITY RESEARCH RBL Bank Ltd. Banking BSE CODE: 540065 NSE CODE: RBLBANK Bloomberg CODE: RBK:IN SENSEX:

More information

ICICI Bank Banking BUY RETAIL EQUITY RESEARCH

ICICI Bank Banking BUY RETAIL EQUITY RESEARCH Q4FY17 RESULT UPDATE May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 RETAIL EQUITY RESEARCH ICICI Bank Banking BSE CODE: 532174 NSE CODE: ICICIBANK Bloomberg

More information

Kaveri Seed Company Ltd.

Kaveri Seed Company Ltd. Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Kaveri Seed Company Ltd. Company Profile Kaveri Seed Company Ltd (KSCL) is one of the fastest growing seed company in India. It is

More information

Karnataka Bank. Rating: BUY. Bank - Private. Short Note. Brief Financials

Karnataka Bank. Rating: BUY. Bank - Private. Short Note. Brief Financials Karnataka Bank Bank - Private Date June 11, 2018 CMP (Rs.) 120 Target (Rs.) 163 Potential Upside 37% BSE Sensex 35484 NSE Nifty 10787 Scrip Code Bloomberg KBLIN Reuters KBNK.BO BSE Group A BSE Code 532652

More information

DCB Bank Ltd. 18 th August, 2014 BUY

DCB Bank Ltd. 18 th August, 2014 BUY Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY DCB Bank Ltd. 18 th August, 2014 BUY CMP Rs.81.40 Target Price Rs.120.00 BSE Code 532772 NSE Code DCBBANK Market Cap (Rs Cr.) 2040.24 52

More information

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. GEOJIT BNP PARIBAS Research. CMP Rs259 TARGET Rs284 RETURN 10% 22 nd August 2016

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. GEOJIT BNP PARIBAS Research. CMP Rs259 TARGET Rs284 RETURN 10% 22 nd August 2016 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Q1FY17 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE

More information

CORPORATE PRESENTATION SEPTEMBER 2014

CORPORATE PRESENTATION SEPTEMBER 2014 CORPORATE PRESENTATION SEPTEMBER 2014 DISCLAIMER This presentation has been prepared by and is the sole responsibility of The South Indian Bank Limited (the Bank ). By accessing this presentation, you

More information

City Union Bank BUY. 24 February 2016 INR82

City Union Bank BUY. 24 February 2016 INR82 SECTOR: FINANCIAL STOCK INFO. BSE Sensex : 23410 BLOOMBERG CUBK:IN BUY S&P CNX : 7110 REUTERS CODE CTBK.NS Initiating Coverage INR82 (INR CR) Y/E MARCH FY16E FY17E FY18E We recommend 'BUY' on for a target

More information

IPO Product Note October 21, 2016

IPO Product Note October 21, 2016 IPO Product te October 21, 2016 PNB Housing SECTOR Housing Finance Issue Highlights About the Company Issue Open Oct 25, 2016 Issue Close Oct 27, 2016 Issue Price Rs.750 - Rs.775 per share Total Issue

More information

HDFC Bank Banking BUY RETAIL EQUITY RESEARCH

HDFC Bank Banking BUY RETAIL EQUITY RESEARCH Q4FY17 RESULT UPDATE May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 GEOJIT RESEARCH Feb-17 Mar-17 Apr-17 May-17 RETAIL EQUITY RESEARCH HDFC Bank Banking BSE CODE: 500180 NSE CODE: HDFCBANK

More information

Bank of Baroda (BANBAR) 156

Bank of Baroda (BANBAR) 156 [ Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17 Apr-17 Jun-17 Management Meet Note Rating matrix Rating : Buy Target : 200 Target Period : 12 months Potential Upside : 28% What s changed? Target Unchanged

More information

Reduce. Punjab National Bank Banking RETAIL EQUITY RESEARCH. Not out of the woods. GEOJIT BNP PARIBAS Research. 10 th August 2016 Q1FY17 RESULT UPDATE

Reduce. Punjab National Bank Banking RETAIL EQUITY RESEARCH. Not out of the woods. GEOJIT BNP PARIBAS Research. 10 th August 2016 Q1FY17 RESULT UPDATE Q1FY17 RESULT UPDATE Aug-15 Sep-15 Oct-15 GEOJIT BNP PARIBAS Research Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 RETAIL EQUITY RESEARCH Punjab National Bank Banking BSE CODE:

More information

General Insurance Corporation of India Ltd.

General Insurance Corporation of India Ltd. General Insurance Corporation of India Ltd. Reco: Subscribe 10 th October, 2017 Fresh Issue of 1.72 Crore Equity Shares & Offer For Sale of 10.75 Crore Equity Shares of FV Rs 5/- each (Rs. 11,372 Crs)

More information

BUY CMP (Rs.) 297 Target (Rs.) 385 Potential Upside 30%

BUY CMP (Rs.) 297 Target (Rs.) 385 Potential Upside 30% Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May- Jun-16 Jul-16 Aug-16 Aug-16 Sep-16 Oct-16. Volume No.. I Issue No. 95 Dewan Housing Finance Corporation (DHFL) Nov. 4, 2016 BSE Code: 511072 NSE Code: DHFL

More information

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH COMPANY UPDATE Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112 NSE CODE: SBIN Bloomberg

More information

PNB Housing Finance Limited

PNB Housing Finance Limited IPO Note Financial Services October 21, 2016 PNB Finance Limited All set to grow PNB Finance (PNBH) has been one of the fastest growing Finance Company and is currently the 5 th largest player in India.

More information

Federal Bank Ltd. Banking/Finance. Accumulate RETAIL EQUITY RESEARCH

Federal Bank Ltd. Banking/Finance. Accumulate RETAIL EQUITY RESEARCH Q1FY19 RESULT UPDATE RETAIL EQUITY RESEARCH Federal Bank Ltd. Banking/Finance BSE CODE:500469 NSE CODE: FEDERALBNK Bloomberg CODE: FB IN SENSEX: 36,519 Accumulate Rating as per Midcap 12months investment

More information

HOLD KOTAK MAHINDRA BANK LTD. Highlights. STANDALONE Result Update: Q3 FY14. CMP Target Price JAN. 29 th, 2014

HOLD KOTAK MAHINDRA BANK LTD. Highlights. STANDALONE Result Update: Q3 FY14. CMP Target Price JAN. 29 th, 2014 HOLD CMP 672.00 Target Price 690.00 KOTAK MAHINDRA BANK LTD. STANDALONE Result Update: Q3 FY14 JAN. 29 th, 2014 ISIN: INE237A01028 Stock Data Sector Banking BSE Code 500247 Face Value / Div. Per Share

More information

Punjab National Bank. CMP:INR1,103 TP:INR1,500 Buy

Punjab National Bank. CMP:INR1,103 TP:INR1,500 Buy BSE SENSEX S&P CNX 18,210 5,488 28 July 2011 1QFY12 Results Update Sector: Banking Punjab National Bank CMP:INR1,103 TP:INR1,500 Buy Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,395/971

More information

Recommendation Not Rated Snapshot Bajaj Finance Ltd (BFL), earlier known as Bajaj Auto Finance Ltd is a

Recommendation Not Rated Snapshot Bajaj Finance Ltd (BFL), earlier known as Bajaj Auto Finance Ltd is a Recommendation Not Rated Snapshot (BFL), earlier known as Bajaj Auto Finance Ltd is a CMP (13/07/2011) Rs. 686 Bajaj group company and was incorporated in 1987. BFL started its Sector NBFC operations as

More information

Canara Bank Securities Ltd

Canara Bank Securities Ltd A WHOLLY OWNED SUBSIDIARY OF CANARA BANK Stock update UJJIVAN FINANCIAL SERVICES LTD CMP : 373 (26.02.2018,BSE) PRICE TARGET : 425 STOCK DETAILS Industry BFSI Market Cap(Rs Bn) 45.04 52 Week High/Low 465/285

More information

Bank of Baroda (BOB) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH

Bank of Baroda (BOB) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH Q2FY18 RESULT UPDATE Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 RETAIL EQUITY RESEARCH Bank of Baroda (BOB) Banking BSE CODE: 532134 NSE CODE: BANKBARODA

More information

HDFC Bank Banking. BUY Rating as per Large Ccap 12 month investment period RETAIL EQUITY RESEARCH

HDFC Bank Banking. BUY Rating as per Large Ccap 12 month investment period RETAIL EQUITY RESEARCH Q1FY19 RESULT UPDATE Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 RETAIL EQUITY RESEARCH HDFC Bank Banking BSE CODE: 500180 NSE CODE: HDFCBANK Bloomberg CODE:

More information

Price Band : Rs per share December 10, 2010 IPO open during : December 13-16, 2010 (for QIBs issue closes on Dec.

Price Band : Rs per share December 10, 2010 IPO open during : December 13-16, 2010 (for QIBs issue closes on Dec. Punjab & Sind Bank Ltd. I P O N O T E Price Band : Rs 113-120 per share December 10, 2010 IPO open during : December 13-16, 2010 (for QIBs issue closes on Dec. 15, 2010) Book Running Lead Manager To list

More information

HDFC Bank BUY. Performance Highlights. CMP `1,965 Target Price `2,350. Q2FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials

HDFC Bank BUY. Performance Highlights. CMP `1,965 Target Price `2,350. Q2FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Q2FY2019 Result Update Banking Oct 20, 2018 HDFC Bank Performance Highlights Particulars (` cr) Q2FY19 Q1FY19 % chg (qoq) Q2FY18 %

More information

HDFC Bank Ltd. BUY. Investment Rationale. July 2, Volume No.. 1 Issue No. 28

HDFC Bank Ltd. BUY. Investment Rationale. July 2, Volume No.. 1 Issue No. 28 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15. Volume No.. 1 Issue No. 28 HDFC Bank Ltd. July 2, 2015 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.BO

More information

State Bank of India (STABAN) 335

State Bank of India (STABAN) 335 [ [ Company Update Rating matrix Rating : Buy Target : 390 Target Period : 12 months Potential Upside : 16% Valuation summary (merged bank) FY18E FY19E P/E 31.6 20.5 Target P/E 36.7 23.9 P/ABV 2.2 2.0

More information

L&T Finance Holdings Ltd.

L&T Finance Holdings Ltd. IPO NOTE 25 th July, 2011 L&T Finance Holdings Ltd. SECTOR: NBFC SUBSCRIBE Issue Snapshot Issue Open 27-Jul-11 Issue Close 29-Jul-11 Price Band (INR) 51-59 Issue Size (INR Mn) 15,750 Pre-IPO Placement

More information

DCB Bank. Strong performance, valuation comforting

DCB Bank. Strong performance, valuation comforting Marre Change in Estimates Rating Target DCB Bank Strong performance, valuation comforting Q3 FY16 Accumulate Sector: Financials Sector View: Positive Analyst: Franklin Moraes Rajiv Mehta research@indiainfoline.com

More information

Axis Bank Banking. HOLD Rating as per Large Cap 12 months investment period RETAIL EQUITY RESEARCH

Axis Bank Banking. HOLD Rating as per Large Cap 12 months investment period RETAIL EQUITY RESEARCH Q2FY19 RESULT UPDATE Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 RETAIL EQUITY RESEARCH Axis Bank Banking BSE CODE: 532215 NSE CODE: AXISBANK Bloomberg CODE: AXSB:IN

More information

FY17 FY18 FY19E FY20E

FY17 FY18 FY19E FY20E 102015 012016 042016 072016 102016 012017 042017 072017 102017 012018 042018 072018 Q2FY19 Result Update Institutional Research October 25, 2018 Kotak Mahindra Bank Q2FY19 Result Update Strong growth in

More information

Punjab National Bank

Punjab National Bank 4QFY18 Result Update Institutional Equities Punjab National Bank 16 May 2018 Reuters: PNB.BO; Bloomberg: PNB IN Prompt Corrective Action Looms Punjab National Bank (PNB) reported its 4QFY18 results with

More information

State Bank of India (SBI) Banking BUY RETAIL EQUITY RESEARCH

State Bank of India (SBI) Banking BUY RETAIL EQUITY RESEARCH Q3FY17 RESULT UPDATE Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 GEOJIT RESEARCH Nov-16 Dec-16 Jan-17 Feb-17 RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112

More information

OFS: Rs. 82 bn. Rs. 700bn at upper price band JM Financial, Axis Capital, BNP Paribas, Citigroup, Deutsche, ICICI Sec., Kotak, SBI Cap.

OFS: Rs. 82 bn. Rs. 700bn at upper price band JM Financial, Axis Capital, BNP Paribas, Citigroup, Deutsche, ICICI Sec., Kotak, SBI Cap. SBI Life Insurance Co. Ltd. - Best placed amongst peers in Life insurance industry but expensively valued - SUBSCRIBE for long term.. SBI Life Insurance Company Limited was incorporated at Mumbai on October

More information

ICICI Bank BUY. Performance Highlights. CMP Target Price `328 `416. 3QFY2018 Result Update Banking. 3-year price chart. Key financials (Standalone)

ICICI Bank BUY. Performance Highlights. CMP Target Price `328 `416. 3QFY2018 Result Update Banking. 3-year price chart. Key financials (Standalone) Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 3QFY2018 Result Update Banking February 15, 2018 ICICI Bank Performance Highlights Particulars (` cr) 3QFY18 2QFY18 % chg (qoq) 3QFY17

More information

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone) Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Q3FY2019 Result Update Banking Jan 22, 2019 HDFC Bank Performance Highlights BUY CMP `2,145 Target Price `2,500 Particulars (` cr)

More information

DCB Bank Ltd. 1 P a g e

DCB Bank Ltd. 1 P a g e 4 Recommendation HOLD Another strong quarter CMP (16/04/2015) Rs. 120 Target Price Rs. 140 Sector Stock Details Banking BSE Code 532772 NSE Code Bloomberg Code DCB DEVB IN Market Cap (Rs cr) 3383 Free

More information

Source: Company, Kotak Securities - Private Client Research

Source: Company, Kotak Securities - Private Client Research COMPANY UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 AXIS BANK PRICE: RS.498 RECOMMENDATION: BUY TARGET PRICE: RS.560 FY16E P/E: 14.8X, P/ABV: 2.5X We recently met with the management of Axis

More information

South Indian Bank Buy

South Indian Bank Buy STOCK POINTER South Indian Bank Buy Target Price 36 CMP 26.5 FY20E Adj P/BV 1.2X Index Details Sensex 34,285 Nifty 10,516 Industry Banks Scrip Details MktCap ( cr) 4,621.56 BVPS (`) 26.8 O/s Shares (Cr)

More information

Indostar Capital Finance Ltd.

Indostar Capital Finance Ltd. Recommendation Subscribe BACKGROUND Price Band Rs. 570 Rs. 572 Incorporated in 2009, Indostar Capital Finance Limited (Indostar) is a Bidding Date 9 th 11 th May, 2018 Book Running Lead Manager Registrar

More information

Q2 FY17 Q2 FY16 YOY Q1 FY17

Q2 FY17 Q2 FY16 YOY Q1 FY17 For immediate release RBL Bank H1 Net Profit up by 61.76% at Rs.205.85 crore (before exceptional item) on a YoY basis Operating Profit up by 73.63% to Rs.403.55 crore on a YoY basis Capital Adequacy Ratio

More information

IndoStar Capital Finance Ltd.

IndoStar Capital Finance Ltd. IPO Note Financials May 07, 2018 IndoStar Capital Finance Ltd. IndoStar Capital Finance (ICFL) is a Mumbai-headquartered non-deposit taking NBFC. It is the first of its kind to be promoted by global investors,

More information

State Bank of India PRESS RELEASE Q1FY Operating Profit recorded a YOY growth of 18.06% Q1FY11, while sequentially it is up by 19.12%.

State Bank of India PRESS RELEASE Q1FY Operating Profit recorded a YOY growth of 18.06% Q1FY11, while sequentially it is up by 19.12%. SBI STAND ALONE RESULTS HIGHLIGHTS State Bank of India PRESS RELEASE Q1FY 2011-12 Operating Profit recorded a YOY growth of 18.06% Q1FY11, while sequentially it is up by 19.12%. in Q1FY12 over Net Profit

More information

SUBSCRIBE. ICICI Lombard General Insurance Co Ltd. Issue Open: Sept 15, 2017 Issue Close: Sept 19, IPO Note Insurance

SUBSCRIBE. ICICI Lombard General Insurance Co Ltd. Issue Open: Sept 15, 2017 Issue Close: Sept 19, IPO Note Insurance IPO Note Insurance Sept 14, 2017 ICICI Lombard General Insurance Co Ltd ICICI Lombard is the largest non-life private sector insurer in India. It is a JV between ICICI Bank and Fairfax Financial Holdings

More information

BUY RETAIL EQUITY RESEARCH. HDFC Ltd. NBFC. Better placed among housing finance companies (HFCs) GEOJIT BNP PARIBAS Research

BUY RETAIL EQUITY RESEARCH. HDFC Ltd. NBFC. Better placed among housing finance companies (HFCs) GEOJIT BNP PARIBAS Research Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Company Update GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH HDFC Ltd. NBFC BSE CODE: 500010 NSE CODE: HDFC

More information

FY17 FY18 FY19E FY20E

FY17 FY18 FY19E FY20E 102015 012016 02016 072016 102016 012017 02017 072017 102017 01201 0201 07201 Result Update October 16, 201 IndusInd Bank Result Update Robust growth in advances Advances grew 32. YoY to 163,1cr on the

More information

Ujjivan Financial Services Ltd Banking/Finance BUY RETAIL EQUITY RESEARCH

Ujjivan Financial Services Ltd Banking/Finance BUY RETAIL EQUITY RESEARCH Q4FY18 RESULT UPDATE RETAIL EQUITY RESEARCH Ujjivan Financial Services Ltd Banking/Finance BSE CODE:539874 NSE CODE:UJJIVAN Bloomberg CODE: UJJIVABN: IN SENSEX: 35,536 BUY Rating as per Midcap 12 Months

More information

Weekly Techno-Funda Calls

Weekly Techno-Funda Calls Retail Research 24th September, 2015 Axis Bank Buy: Rs514.0 Target: Rs539.7 SL: Rs500.0 Axis Bank 510.6 534.7 497.1 514.0 458.2 477.7 495.8 515.3 533.4 552.9 571.0 Axis Bank, third largest private sector

More information

Financial Results. Q3 FY15 & Nine-months ended December th January 2015

Financial Results. Q3 FY15 & Nine-months ended December th January 2015 Financial Results Q3 FY15 & Nine-months ended December 27 th January 2015 1 Highlights Capital CRAR (Basel III) at 10.30%; CET 1: 7.02% Margin Domestic NIM stable at 2.6% Fee Income Core Fee Income up

More information

South Indian Bank. Institutional Equities. 4QFY18 Result Update. Asset Quality Pain To Ease Hereafter BUY. 15 May 2018

South Indian Bank. Institutional Equities. 4QFY18 Result Update. Asset Quality Pain To Ease Hereafter BUY. 15 May 2018 4QFY18 Result Update Institutional Equities South Indian Bank 15 May 2018 Reuters: SIBK.BO; Bloomberg: SIB IN Asset Quality Pain To Ease Hereafter South Indian Bank (SBL) reported 4QFY18 results with the

More information

ICICI Bank BUY. Performance Highlights. CMP Target Price `307 `411. 1QFY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)

ICICI Bank BUY. Performance Highlights. CMP Target Price `307 `411. 1QFY2019 Result Update Banking. 3-year price chart. Key financials (Standalone) Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 1QFY2019 Result Update Banking July 30, 2018 ICICI Bank Performance Highlights Particulars (` cr) 3QFY18 2QFY18 % chg (qoq) 3QFY17

More information

IPO Report ICICI SECURITIES LTD SUBSCRIBE. Valuation. IPO Details. Research Analyst : Astha Jain

IPO Report ICICI SECURITIES LTD SUBSCRIBE. Valuation. IPO Details. Research Analyst : Astha Jain IPO Report ICICI SECURITIES LTD SUBSCRIBE IPO Details Issue Date 22 nd Mar-26 th Mar 2018 Price Band 519-520/Share Bid Lot 28 & in multiplethereof Face Value Rs 5/Share Listing BSE, NSE Offer For Sale

More information

South Indian Bank Ltd.

South Indian Bank Ltd. 23-Jun-15 23-Aug-15 23-Oct-15 23-Dec-15 23-Feb-16 23-Apr-16 23-Jun-16 23-Aug-16 23-Oct-16 23-Dec-16 23-Feb-17 23-Apr-17 South Indian Bank Ltd. Q1 FY18 RESULT UPDATE Low provisioning to boost profitability

More information

GIC Housing Finance Ltd.

GIC Housing Finance Ltd. Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15. Volume No.. I Issue No. 12 GIC Housing Finance Ltd. April 17 th, 2015 BSE Code: 511676 NSE Code: GICHSGFIN Reuters

More information

9,251 7,812 8, NIM

9,251 7,812 8, NIM 4QFY15 Result Update Institutional Equities IndusInd Bank 17 April 2015 Reuters: INBK.BO; Bloomberg: IIB IN Yet Another Robust Performance IndusInd Bank s 4QFY15 profit beat our estimate by 12%. Its bottom-line

More information

Federal Bank BUY RETAIL EQUITY RESEARCH

Federal Bank BUY RETAIL EQUITY RESEARCH Q3FY18 RESULT UPDATE RETAIL EQUITY RESEARCH Federal Bank Ltd. Banking/Finance BSE CODE:500469 NSE CODE: FEDERALBNK Bloomberg CODE: FB IN SENSEX: 35,798 BUY Rating as per Midcap 12months investment period

More information

PRESS RELEASE. Results at a Glance

PRESS RELEASE. Results at a Glance PRESS RELEASE AXIS BANK ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 st MARCH 2017 Results at a Glance Quarterly Earnings register strong sequential growth: o Net Profit for Q4FY17 grew

More information

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH Q1FY19 RESULT UPDATE Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112 NSE CODE: SBIN

More information

5 QIB Holding (as a % of outstanding capital) as disclosed to stock exchanges. Particulars

5 QIB Holding (as a % of outstanding capital) as disclosed to stock exchanges. Particulars Name of the BANDHAN BANK LIMITED 1 Type of Issue (IPO / FPO) IPO 2 Issue Size (Rs. Cr) 4,473.02 - Fresh Issue Size (Rs. Cr) 3,662.40 - Offer for Sale Component (Rs. Cr) 810.62 3 Grade of issue along with

More information

DIXON TECHNOLOGIES (INDIA) LIMITED

DIXON TECHNOLOGIES (INDIA) LIMITED DIXON TECHNOLOGIES (INDIA) LIMITED IPO Price Band : `1760 `1766 our recommendation neutral THE OFFER Issue Open : 6 Sep 2017 to 8 Sep 2017»» Issue Type: Book Built Issue IPO»» Issue Size: Offer for Sale

More information

Punjab National Bank ACCUMULATE. Performance Highlights. CMP `1,115 Target Price `1,259. 3QFY2011 Result Update Banking.

Punjab National Bank ACCUMULATE. Performance Highlights. CMP `1,115 Target Price `1,259. 3QFY2011 Result Update Banking. 3QFY2011 Result Update Banking January 21, 2011 Punjab National Bank Performance Highlights Particulars (` cr) 3QFY11 2QFY11 % chg (qoq) 3QFY10 % chg (yoy) NII 3,203 2,977 7.6 2,329 37.5 Pre-prov. profit

More information

HDFC Bank BUY. Operating performance strong; improved NIM. CMP `2,268 Target Price `2,500. Q4FY2019 Result Update Banking. 3-year price chart

HDFC Bank BUY. Operating performance strong; improved NIM. CMP `2,268 Target Price `2,500. Q4FY2019 Result Update Banking. 3-year price chart Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Q4FY2019 Result Update Banking Apr 22, 2019 HDFC Bank Operating performance strong; improved NIM Particulars (` cr) Q4FY19 Q3FY19 % chg (qoq) Q4FY18

More information

HDFC Asset Management Co

HDFC Asset Management Co IPO Note Financials July 23, 2018 HDFC Asset Management Co HDFC Asset Management Co (HDFC ) is the asset management arm of the HDFC Ltd (Promoter) and was established in 1999. In 2001, Standard Life Investments

More information

Capital First Ltd. NBFC. Buy RETAIL EQUITY RESEARCH

Capital First Ltd. NBFC. Buy RETAIL EQUITY RESEARCH Q1FY19 RESULT UPDATE RETAIL EQUITY RESEARCH Capital First Ltd. NBFC BSE CODE:532938 NSE CODE: CAPF Bloomberg CODE: CAPF:IN SENSEX: 37,887 Buy Rating as per Midcap 12months investment period CMP Rs. 554

More information

(INR Crores) FY16 FY17 FY18 FY19E FY20E. Net interest income 15, , , , , Growth% -8% -2% 0% 26% 6%

(INR Crores) FY16 FY17 FY18 FY19E FY20E. Net interest income 15, , , , , Growth% -8% -2% 0% 26% 6% 07-08-2015 01-08-2016 27-07-2017 22-07-2018 Result Update BUY * Aug 08, 2018 Punjab National Bank Result Update Total assets down 4 QoQ; Advances down 4 QoQ Total assets came at 7378bn dragged by 4 drop

More information

Ujjivan Financial Services Ltd Banking/Finance. Accumulate RETAIL EQUITY RESEARCH

Ujjivan Financial Services Ltd Banking/Finance. Accumulate RETAIL EQUITY RESEARCH COMPANY UPDATE RETAIL EQUITY RESEARCH Ujjivan Financial Services Ltd Banking/Finance BSE CODE:539874 NSE CODE:UJJIVAN Bloomberg CODE: UJJIVABN: IN SENSEX: 38,313 Accumulate Rating as per Midcap 12 Months

More information

ICICI Bank BUY. Performance Highlights. CMP Target Price `343 `460. Q3FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials

ICICI Bank BUY. Performance Highlights. CMP Target Price `343 `460. Q3FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Q3FY2019 Result Update Banking Feb 15, 2019 ICICI Bank Performance Highlights Particulars (` cr) Q3FY19 Q2FY19 % chg

More information

Kotak Annual Global Investor Conference 2011 Chasing Growth. Mr. Bipin Kabra February 11, 2011

Kotak Annual Global Investor Conference 2011 Chasing Growth. Mr. Bipin Kabra February 11, 2011 Kotak Annual Global Investor Conference 2011 Chasing Growth Mr. Bipin Kabra February 11, 2011 Agenda 1 Macro update 2 Dhanlaxmi Bank - An overview 3 A Bank in Transformation 4 Financials - How the Numbers

More information

Buy Rating as per Mid Cap 12months investment period

Buy Rating as per Mid Cap 12months investment period Q2FY18 RESULT UPDATE Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 RETAIL EQUITY RESEARCH Dewan Housing Finance Corporation (DHFL) NBFC BSE CODE: 511072 NSE

More information

TRACK RECORD OF THE PUBLIC ISSUES. HDFC Standard Life Insurance Company Limited. 2. Issue Size (Rs. Cr) INR 8, Cr.

TRACK RECORD OF THE PUBLIC ISSUES. HDFC Standard Life Insurance Company Limited. 2. Issue Size (Rs. Cr) INR 8, Cr. TRACK RECORD OF THE PUBLIC ISSUES Name of the Issue: HDFC Standard Life 1. Type of Issue (IPO/FPO) IPO 2. Issue Size (Rs. Cr) INR 8,695.00 Cr 3. Grade of issue along with name of the rating agency Name

More information

SBI Life Insurance Co Ltd

SBI Life Insurance Co Ltd SBI Life Insurance Co Ltd Strong parent backing leaves no scope for doubts SBI Life Insurance is a JV between State Bank of India (SBI-70%), and BNP Paribas Cardiff (26%). The insurer s new business premium

More information

The New India Assurance Company Ltd

The New India Assurance Company Ltd IPO Note Financials Oct 31, 2017 The New India Assurance Company Ltd The New India Assurance Company Ltd (NIA) is the leader in the non-life insurance in India, controlling hefty 15% market share in terms

More information