Getty ImagesAsset management company Kotak Mutual Fund bought 1,10,00,000 shares of the in December. The stock has risen nearly 103% in the last one year.
The smallcap private sector lender surged over 130% in the last six months and turned a multibagger.
As per Trendlyne data, the highest target price for the bank goes up to Rs 17, while the average target price estimate is Rs 13.3 — a downside of 28% from the current market price.
The consensus recommendation from three analysts for the stock is a ‘buy’. Of the three analysts covering the stock, two have strong ‘buy’ ratings, with one having a ‘hold’ rating.
Also, a meeting of the bank’s board of directors will be held on Tuesday, January 24, 2023, to consider, approve and take on record its financial results for the quarter and nine months ended December 31, 2022, the bank said in a BSE filing,
Brokerage firm Jefferies believes that Indian Bank’s growth is at a reasonable price and suggested to stay positive for the sector. "In 2022, Nifty bank was up 21%, outperforming the region and Indian market. Despite re-rating and good earnings visibility for 2023, valuations are reasonable. With the performance gap between private and PSU banks narrowing, the range of valuations will also narrow,” it said.
Other than South Indian Bank, 6 others such as , , , , , and Punjab & turned multibagger in FY23.
In December 2022, Kotak Mutual Fund sold its stake in Medplus Health (1,97,000 shares), Tata Teleservices(3.08,000 shares), PVR (14,000 shares) and (4,85,000 shares).
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The smallcap private sector lender surged over 130% in the last six months and turned a multibagger.
As per Trendlyne data, the highest target price for the bank goes up to Rs 17, while the average target price estimate is Rs 13.3 — a downside of 28% from the current market price.
The consensus recommendation from three analysts for the stock is a ‘buy’. Of the three analysts covering the stock, two have strong ‘buy’ ratings, with one having a ‘hold’ rating.
Also, a meeting of the bank’s board of directors will be held on Tuesday, January 24, 2023, to consider, approve and take on record its financial results for the quarter and nine months ended December 31, 2022, the bank said in a BSE filing,
Brokerage firm Jefferies believes that Indian Bank’s growth is at a reasonable price and suggested to stay positive for the sector. "In 2022, Nifty bank was up 21%, outperforming the region and Indian market. Despite re-rating and good earnings visibility for 2023, valuations are reasonable. With the performance gap between private and PSU banks narrowing, the range of valuations will also narrow,” it said.
Other than South Indian Bank, 6 others such as , , , , , and Punjab & turned multibagger in FY23.
In December 2022, Kotak Mutual Fund sold its stake in Medplus Health (1,97,000 shares), Tata Teleservices(3.08,000 shares), PVR (14,000 shares) and (4,85,000 shares).
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.