India's Ujjivan Small Finance hits over 2-yr high on analysts' positive growth view

Ujjivan Small Finance Bank

12/06/2023 08:46

** Shares of Ujjivan Small Finance Bank Ltd  UJJI.NS  rise
as much as 2% to 37.65 rupees, highest since March 2021
    ** Analysts at Emkay Global Financial Services upgrade stock
to "buy" with PT at 50 rupees 
    ** Believe UJJI, reinforced by its dominant micro-finance
institution (MFI) portfolio, offers a strong play on MFI growth
story, expect AUM growth of ~25% - Emkay 
    ** Replacement of current MD & CEO Ittira Davis will be key
monitorable over coming year - Emkay 
    ** Stock trading above its 50-, 100-, and 200-day moving
averages since May 3, suggesting bullish bias
    ** Relative strength index (RSI) above 70, indicating stock
is overbought
    ** Trading volume at ~5.7 mln shares, well below 30-day avg
of ~16.99 mln shares, as of 12:50 p.m. IST 
    ** Average rating of 12 analysts covering stock equivalent
of "buy"; median PT is 39.5 rupees - Refinitiv data
    ** Stock has nearly doubled so far this year 


 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))