Tuesday 11 November 2008

Indian Overseas Bank an outperformer: ICICIdirect.com

ICICIdirect.com has rated Indian Overseas Bank as an outperformer with a target price of Rs 114 in its November 3, 2008 research report. "Q2FY09 for Indian Overseas bank (IOB) was better then our estimates. The total business of the bank increased 23.8% YoY to Rs 160514 crore. A 16% growth in deposits to Rs 90787 crore and advance growth of 35.8% to Rs 69727 crore contributed to the growth. The advance growth was ahead of our expectations, resulting in PAT growth of 12.3% for Q2FY09 on Y-o-Y basis to Rs 359.1 crore. We revise the target price to Rs 114 (1 x FY10E ABV) and rate the stock as Outperformer," says ICICIdirect.com's research report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Source: Moneycontrol

Posted by Harsh at 07:37

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.