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Buy IDBI Bank, target of Rs 115: Sunidhi Securities

Posted on: July 13th, 2009 and is filed under Brokerage Recommendations.

Sunidhi Securities & Finance has recommended a buy rating on IDBI Bank, with price target of Rs 115, in its report dated July 10, 2009.

“IDBI Bank has adopted a strategy of developing a larger client base in the mid-corporate, SME and retail sectors while nurturing the deep relationships that already exist in the large corporate sector. IDBI Bank has high quality assets, comfortable capital adequacy, robust other income and strong growth in advances in the current challenging scenario. At the CMP of Rs 87, the share is trading at a P/BV of 0.74 (FY10), P/E of 8.2x on FY09E and 6.1x on FY10E. We recommend ‘BUY’ with a target of Rs 115 in the medium term,” says Sunidhi Securities & Finance’s research report.

source: Moneycontrol

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