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Buy Indian Bank; target of Rs 180: ICICI Direct

Buy Indian Bank; target of Rs 180: ICICI Direct
July 28
19:24 2021

ICICI Direct is bullish on Indian Bank has recommended buy rating on the stock with a target price of Rs 180 in its research report dated July 22, 2021.

Broker Research

July 28, 2021 / 09:43 AM IST

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ICICI Direct’s research report on Indian Bank

Indian Bank is seventh largest and among the better performing PSU banks in India with total business of over Rs 9.2 lakh crore. Pan-India presence with strong branch network of 5809 domestic branches Diversified loan mix with RAM (Retail/Agri/MSME) forming 58% to book

Outlook

Factoring a sweet spot for Indian bank post-merger – bringing strong deposits and lending franchises together, Maintain BUY rating on the stock We value Indian Bank at ~0.7x FY23E ABV and maintain our target price at Rs 180 per share

For all recommendations report, click here

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