Buy RBL Bank, target price Rs 176: Axis Securities

Axis Securities has buy call on RBL Bank with a target price of Rs 176. The current market price of RBL Bank Ltd. is Rs 153. Time period given by analyst is 3-4 weeks when RBL Bank price can reach defined target. Axis Securities recommended to keep stop loss at Rs 138.

RBL Bank, incorporated in the year 1943, is a banking company (having a market cap of Rs 9163.59 Crore).

Financials


For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 2848.31 Crore, up 1.13 % from last quarter Total Income of Rs 2816.52 Crore and up 8.34 % from last year same quarter Total Income of Rs 2629.08 Crore. The bank has reported net profit after tax of Rs 187.51 Crore in latest quarter.

Investment Rationale
The daily “Bollinger band” generated a buy signal as stock closed above the upper Bollinger Band. Also, the daily strength indicator RSI is in bullish mode and daily RSI cross above its reference line had generated a buy signal.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 28.5 per cent, DIIs 11.63 per cent.