India's Karur Vysya Bank hits record high after strong Q2 results

Karur Vysya Bank

17/10/2023 10:18

** Shares of India's Karur Vysya Bank  KARU.NS  up as much
as 7.45% to hit record high at 147.85 rupees 
    ** Lender reported highest ever quarterly profit during
market hours on Monday; stock settled 2.15% higher after results
    ** Total business crossed 1.5 trln rupees for the first
time, while return on assets rose to a decade high 1.57% and
loan book grew 15.33% Y/Y in September quarter 
    ** Brokerages HDFC Securities, Antique Stock Broking, Elara
Capital raise TP on KARU citing healthy deposit growth and
liquidity 
    ** Mean recommendation of 12 analysts "strong buy", median
TP 166 rupees - LSEG data
    ** Stock closed 2.15% higher on Monday after Q2 standalone
net profit jumped 51%   
      
 Brokerage name     New TP  Old TP
 HDFC Securities    150     145
                    rupees  rupees
 Antique Stock      175     155
 broking            rupees  rupees
 ElaraCapital       165     150
                    rupees  rupees
 
    
  

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