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Buy ICICI Bank tgt Rs 840: Religare
Religare has maintained buy rating on ICICI Bank with target price of Rs 840. We had lowered our net profit estimates for FY09 and FY10 by 12.7% and 9.2% respectively at the time of the quarterly preview.
Religare has maintained buy rating on ICICI Bank with target price of Rs 840 in its July 29, 2008 report. "ICICI Bank's Q1FY09 results were dampened by high MTM provisions, treasury losses and increased provisioning requirements towards NPAs. In terms of core operations, NII registered a robust growth of 41% YoY, backed by strong liquidity (on account of capital raised in Q2FY08) and an increase in the proportion of CASA deposits. Fee income held strong led by higher revenues from the corporate and international businesses. The management expects business growth to remain moderate amid the current high interest rate environment. In our view, failure to check the deterioration in asset quality would be a drain on profitability. We had lowered our net profit estimates for FY09 and FY10 by 12.7% and 9.2% respectively at the time of the quarterly preview. We maintain our SOTP-based target price of Rs 840 for the stock and continue with our Buy recommendation as we believe a majority of the negatives are already priced in and the stock is available at attractive valuations" according to Religare report.
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