Bank Stock On Buy Call After HDFC AMC Raises Stake, TP Rs 102: PL

Prabhudas Lilladher has recommended investors to buy mid cap bank stock Equitas Small Finance Bank Ltd with target price of Rs 102 apiece and keep stop loss at Rs 89 per share. Current market price of Equitas Small Finance Bank share is Rs 91.14 per share with intraday fall of 0.24% or 22 points. Equitas Small Finance shares rallied 83% in last 1-year when Sensex rose 13.10%. The bank's net profit for June quarter doubled to Rs 191 crore. Check details below:

Equitas Small Finance Stock Outlook & Return: Last trading price of Equitas Small Finance share is Rs 91.14 on BSE. Its 52-week high price is Rs 101.16 per share and 52-week low price is Rs 47.10 per share, respectively. Equitas Small Finance has a market capitalisation of Rs 10,223.49 crore. Equitas Small Finance shares gained 6% in last 2-weeks, soared 37% in last 6-months, surged 83.01% in last 1-year, and witnessed a rally of 41.30% in last 2-years.

HDFC AMC Raised Stake In Equitas Small Finance: Earlier las month on September 20, 2023, The Reserve Bank of India (RBI) has accorded nod to HDFC Mutual Fund to increase its stakes in Equitas Small Finance Bank to up to 9.5%. Equitas Small Finance Bank said HDFC AMC got RBI's approval on September 20 to raise 'aggregate holding' of up to 9.5% of the paid-up equity capital or voting rights in the small finance bank.

Equitas Small Finance Financial Performance: The bank announced its n et profit for the June quarter surged to Rs 191 crore as against Rs 97 crore in the year ago period amid strong business growth and decline in provisions. The bank's net interest income (NII) soared 28% to Rs 743.2 crore as compared to Rs 580.6 crore in the corresponding quarter preceding fiscal. Its credit growth remained robust with advance surging 36% year-on-year (YoY) and 6% quarter-on-quarter to Rs 29,601 crore despite Q1 seasonality.

Disclaimer: The stock has been picked from the brokerage report of Prabhudas Lilladher. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.