Karur Vysya Bank - Easing troubles to pave way for growth: Angel Broking

Views of Mr. Siddharth Purohit (Sr. Equity Research Analyst- Banking, Angel Broking):

"Karur Vysya Bank (KVB) is one of the oldest private sector banks with strong presence in the Southern parts of India. More than 53% of KVB's 706 branches are located in Tamil Nadu, however it is gradually branching out in other parts of India also.

KVB's earnings were impacted due to higher provisions and lower business growth, however, we expect gradual recovery on both the fronts going ahead. While in FY2018 we expect earnings recovery to be visible, sharp growth is expected in FY2019. At the CMP the stock is trading at 1.1x it's FY2019 BV. We have valued the stock at 1.4x its FY2019E BV and recommend BUY with a Target Price of INR 140 over the next 12 months."

Shares of KARUR VYSYA BANK LTD. was last trading in BSE at Rs.112.15 as compared to the previous close of Rs. 110.45. The total number of shares traded during the day was 109669 in over 1007 trades.

The stock hit an intraday high of Rs. 112.7 and intraday low of 110. The net turnover during the day was Rs. 12289790.

Source : Equity Bulls

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