Canara Bank a market performer: Karvy Stock Broking
Karvy Stock Broking has upgraded its rating on Canara Bank as a market performer with a price target of Rs 218 in its May 6, 2009 research report.
“In Q4FY09, Canara Bank reported 41.5% (Y/Y) growth in net interest income to Rs 13.1 billion higher than our estimateof Rs 11.8 billion due to higher expansion in yield on advances and relatively lesser increase in cost of deposits, volume growth was also higher than our expectations; net advances grew by 29% (Y/Y) and expansion in incremental credit-deposit ratio also increased net interest margin by 36 bps to 2.78%.”
“We increase our earning estimates by 41% to Rs 20 billion due to better performance on profitability and restructured loans fronts and increase our target price by 32% to Rs 218. We upgrade the stock to Market Performer with a price target of Rs 218 at 1.51x adjusted book value (adjusted for NNPA and restructured assets) FY2010,” says Karvy Stock Broking’s research report.
source: Moneycontrol
Tags: brokerage tips, Canara Bank, market performer, NSE Tips
Similar Posts:
Latest Query
- by Sam
Market Stats
Search Our Archives
Research Desk
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
