Bandhan Bank slips 2% as Macquarie downgrades to underperform

The company reported a growth of 10 percent in its net profit for December quarter at Rs 331.3 crore against Rs 300 crore during the same period of last year.




Shares of Bandhan Bank fell 2 percent in the early trade on Friday after research house Macquarie has downgraded the stock to underperform with a target at Rs 400 per share.
It introduce 20 percent capital allocation discount to its target multiple, while acquisition of Gruh at expensive raises capital allocation concerns.
The risk of another expensive or ill-conceived merger an overhang, it feels.
The company reported a growth of 10 percent in its net profit for December quarter at Rs 331.3 crore against Rs 300 crore during the same period of last year.
The net interest income grew 54 percent at Rs 1,124 crore against Rs 732 crore last year.
Operating profit for the quarter under review rose 57 percent at Rs 900 crore against Rs 574 crore in the same quarter of last year.
At 09:17 hrs Bandhan Bank was quoting at Rs 465.15, down Rs 6.55, or 1.39 percent on the BSE.

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