Buy Indian Bank, target price Rs 159: IIFL

IIFL has buy call on Indian Bank with a target price of Rs 159. The current market price of Indian Bank is Rs 154.25 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 19142.43 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 30-09-2021, the company reported a Consolidated Total Income of Rs 11513.70 Crore, down -.82 % from last quarter Total Income of Rs 11608.53 Crore and down -2.40 % from last year same quarter Total Income of Rs 11796.58 Crore. The bank reported net profit after tax of Rs 1126.11 Crore in latest quarter.

Investment Rationale
Stock has given a rounding bottom breakout on the daily chart.

Promoter/FII Holdings
Promoters held 79.86 per cent stake in the company as of 30-Sep-2021, while FIIs owned 2.41 per cent, DIIs 10.52 per cent.