India's Fedbank Financial Services up as Equirus begins with 'long'

Federal Bank

04/03/2024 08:55

** Shares of Fedbank Financial Services Ltd  FEDB.NS  up 4%
at 128 rupees
    ** Equirus Securities starts coverage on non-bank lender
with "long," which is the equivalent of "strong buy;" price
target of 160 rupees - LSEG
    ** FEDB will be key beneficiary of 13% CAGR in retail
lending from FY23-25, driven by increased private consumption
and urbanisation in India - Equirus
    ** Adds, backing by top shareholder Federal Bank  FED.NS 
offers "sharp competitive edge" to FEDB as it ensures "easy
access to liquidity and capital"
    ** Brokerage highlights co's diversified and secured (85% of
portfolio) assets
    ** Equirus third broker to cover FEDB, ICICI Securities has
street-high PT of 184 rupees
    ** FEDB trims losses since listing to 7.3%


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))