Buy Indian Bank, target price Rs 325: Sharekhan by BNP Paribas

Sharekhan by BNP Paribas has buy call on Indian Bank with a target price of Rs 325. The current market price of Indian Bank is Rs 304.8.

Indian Bank, incorporated in the year 1907, is a banking company (having a market cap of Rs 37954.82 Crore).

Indian Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 13761.95 Crore, up 8.24 % from last quarter Total Income of Rs 12714.20 Crore and up 18.17 % from last year same quarter Total Income of Rs 11645.82 Crore. The bank has reported net profit after tax of Rs 1455.46 Crore in latest quarter.

Investment Rationale
Broke out of Rs 280–300 range on upside. Breakout was supported with above average volume.

Promoter/FII Holdings
Promoters held 79.86 per cent stake in the company as of 31-Dec-2022, while FIIs owned 3.6 per cent, DIIs 11.92 per cent.