ICICI Direct has given Buy recommendation for Indian Bank with a target price of Rs. 210 in its research report issued on Aug 22, 2022

ICICI Direct’s research report on Indian Bank

Indian Bank is one of the largest and among the better performing PSU banks in India with a total business of over Rs 10.1 lakh crore • Pan-India presence with strong branch network of 5721 domestic branches • Diversified loan mix with RAM (retail/agri/MSME) forming ~61% to book.

Outlook

We maintain our BUY rating on the stock. We value Indian Bank at ~0.7x FY24E ABV and revise our target price from Rs 180 to Rs 210 per share.

More Info

At 12:06 hrs Indian Bank was quoting at Rs 175.75, up Rs 0.60, or 0.34 percent.

It has touched an intraday high of Rs 176.75 and an intraday low of Rs 171.65.

It was trading with volumes of 29,761 shares, compared to its thirty day average of 100,658 shares, a decrease of -70.43 percent.

In the previous trading session, the share closed down 1.35 percent or Rs 2.40 at Rs 175.15.

The share touched its 52-week high Rs 194.80 and 52-week low Rs 115.15 on 26 October, 2021 and 23 August, 2021, respectively.

Currently, it is trading 9.78 percent below its 52-week high and 52.63 percent above its 52-week low.

Market capitalisation stands at Rs 21,888.63 crore.

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