Buy Indian Bank, target price Rs 148: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities has buy call on Indian Bank with a target price of Rs 148. The current market price of Indian Bank is Rs 141.6.

Time period given by analyst is Intra Day when Indian Bank price can reach defined target.

Indian Bank, incorporated in the year 1907, is a banking company (having a market cap of Rs 17660.36 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-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 11608.53 Crore, up 8.24 % from last quarter Total Income of Rs 10724.53 Crore and up .45 % from last year same quarter Total Income of Rs 11556.09 Crore. The bank reported net profit after tax of Rs 1259.82 Crore in latest quarter.

Investment Rationale
Higher highs-higher lows from the last four sessions with volumes and may surpass its key trendline.

Promoter/FII Holdings
Promoters held 88.1 per cent stake in the company as of Sept 30, 2020, while FIIs held 0.8 per cent, DIIs 4 per cent and public and others 7.2 per cent