India's Equitas Small Finance Bank hits record high as Q4 profit surges

Equitas Small Finance Bank

08/05/2023 06:42

** Shares of Equitas Small Finance Bank Ltd  EQUI.NS  rise
as much as 7.6% to record high 78.4 rupees
    ** Bank on Friday reported 59% YoY jump in March-qtr net
profit with a 29% increase in interest earned  urn:newsml:reuters.com:*:nFWN3722PU
    ** Kotak Institutional Equities sees steady recovery in
return ratios, supported by lower credit costs and operating
costs in medium term
    ** Contained slippages and steady broad-based credit growth
should drive further improvement in bank’s earnings profile -
Kotak
    ** Kotak reiterates "buy" rating; brokerage increases target
price to 77 rupees 
    ** Antique Stock Broking estimates return on assets of
1.8-1.9% over FY24-25; maintains "buy" rating
    ** Expects some moderation in core revenue led by cost of
funds increase, says Antique
    ** About 9.5 mln shares change hands by 10:53 a.m. IST, 1.8x
the 30-day avg - Refinitiv IBES data
    ** All 15 analysts covering the stock have a "buy" or higher
rating; median PT is 83.50 rupees
    ** Stock last up 5.3%, extending YTD gains to ~32%
    
    ($1 = 81.7125 Indian rupees)

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))