India's City Union Bank jumps on strong Q1 credit growth

City Union Bank

29/07/2024 07:13

** Shares of India's City Union Bank  CTBK.NS  jump as much
as 9.4% to 174.80 rupees, with trading vols 2x the 30-day avg
    ** Lender's Q1 advances grew 10% y/y and company forecast
improving credit growth in FY25
    ** Antique Stock Broking says results were broadly in line
with its estimates and notes improved loan growth; keeps "buy"
and hikes TP to 190 rupees from 185 rupees 
    ** IDBI Capital upgrades to "buy", noting CTBK's 10% credit
growth came in a seasonally weak qtr and expects it to improve
further
    ** At least 8 of 19 analysts upgrade the stock and 6 raise
TPs; mean rating stays at 'buy' and median PT rises to 180
rupees -LSEG data
    ** Stock last up 7.4%, doubling its YTD gains

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))