India's Bandhan Bank jumps about 8% on RBI nod for Partha Sengupta as CEO

Bandhan Bank

11/10/2024 05:01

** Shares of Bandhan Bank  BANH.NS  rise 7.6% to 202 rupees
in pre-open trade
    ** India's central bank approves appointment of veteran
banker Partha Sengupta as CEO and MD 
    ** Co says National Credit Guarantee Trustee Company (NCGTC)
completed audit of loan claims filed by lender under guarantee
scheme
    ** Adds remaining claims payout to co at 3.15 bln rupees
($37.5 mln)
    ** Appointment of PSU banker to provide stability to BANH
while NCGTC claims imply 15% rise to profit estimate for FY25 -
Macquarie
    ** "Key overhangs gone" after audit ended with relatively
clean chit for BANH topped off with CEO appointment - CLSA
    ** Avg analysts' rating on stock at "buy"; median PT is at
220 rupees - LSEG data
    ** Stock down 16.3% YTD vs ~7% rise in Nifty bank index
 .NSEBANK 

($1 = 83.9510 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))