India's CSB Bank rises to two-month high on strong Q4 updates
03/04/2023 08:21
** Shares of CSB Bank CSBB.NS rise as much as 4.4% to
255.9 rupees, highest since Feb. 1
** CSBB up 2.2% as of 12:30 a.m. IST
** Q4 gross advances grow strongly at 30.3% YoY to 208.4 bln
rupees ($2.53 bln), fueled by robust growth in gold loans, which
jump 47.7% - Motilal Oswal on co's Q4 business update
** "Growth in deposits too was strong with current account
and savings account (CASA) deposits witnessing a healthy
traction driving up the CASA ratio," brokerage says
** Growth in CASA deposits for Q4 at 16.1% YoY, CASA ratio
increases 74bp QoQ to 32.2%
** Stock trading above its 50-day, 100-day, and 200-day
simple moving avgs since March 31, indicating bullish sentiment
** More than 697,000 shares traded by 12:30 a.m. IST, 1.8x
30-day avg of 381,680 shares
** All five analysts covering stock have "buy" or "strong
buy" rating; median PT is 328 rupees - Refinitiv data
** Stock extends YTD gains to ~5%, after gaining 1.1% in
2022
($1 = 82.3880 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru)
((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))