Retain Buy with a revised PT of Rs. 4,150:
Given the strategic nature of BHIL’s investments (BAL and BFS), we have given a holding company discount to its equity investments. Liquid investments have been valued at cost. The price target (PT) for BFS has been revised to Rs. 8,000 (earlier PT of Rs. 8,250). We expect BFL to maintain its loanbook trajectory as well as profitability and margins for the medium term,which will be the key support for present valuations of BFS. PT of BAL too has been revised downwards to Rs 2,530 (earlier PT of Rs. 2,650) due to domestic demand headwinds couple with margin pressures. Consequently, The PT for BHIL has been revised to Rs 4,150 (earlier PT of Rs. 4,548). We retain Buy recommendation on the stock.