ICICI Direct has given Buy recommendation for Indian Bank with a target price of Rs. 180 in its research report issued on Jul 22, 2021

ICICI Direct’s research report on Indian Bank

Indian Bank is seventh largest and among the better performing PSU banks in India with total business of over Rs 9.2 lakh crore. Pan-India presence with strong branch network of 5809 domestic branches Diversified loan mix with RAM (Retail/Agri/MSME) forming 58% to book

Outlook

Factoring a sweet spot for Indian bank post-merger – bringing strong deposits and lending franchises together, Maintain BUY rating on the stock We value Indian Bank at ~0.7x FY23E ABV and maintain our target price at Rs 180 per share

 

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