India's Ujjivan Small Finance Bank climbs 5% after Q4 earnings

Ujjivan Small Finance Bank

12/05/2023 06:42

** Shares of Ujjivan Small Finance Bank  UJJI.NS  rise as
much as 5.13% to 30.75 rupees, a three-month high
    ** Uptick after the small finance bank reports 144% YoY rise
in March quarter net profit to 3.1 bln rupees 
    ** Interest earned rises to 11.85 bln rupees compared to
8.18 bln rupees in the corresponding quarter, a year ago
    ** Domestic brokerage firm Kotak Institutional Equities
reiterates "buy" and raises target price to 36 rupees from 33
rupees, post Q4 results
    ** "Asset quality has normalised, with a steady decline in
the pool of stressed loans," says Kotak and sees strong growth
across segment for the lender in FY2024
    ** Trading volume is 15.58 mln shares as of 10:59 a.m. IST,
twice the 30-day avg - Refinitiv data
    ** All 12 analysts tracking UJJI maintain "buy"; median TP
is 38 rupees 
    ** The relative strength index of UJJI is 73, suggesting the
stock may be overbought - Refinitiv data
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))