Kotak Institutional Equities has maintained buy rating on Karur Vysya Bank in long term with a fair value of Rs 80. Shares of Karur Vysya Bank ended down 5.44% at Rs 56.50 on Monday while BSE Sensex closed 787.98 points (1.90%) down at 40,676.63.
Company Financials
For the quarter ended 30-09-2019, the company has reported standalone interest income of Rs 1193.24 crore, up 1.51% from last quarter interest income of Rs 1175.50 crore and up 2.95% from last year same quarter interest income of Rs 1159.09 crore. The bank has reported net profit after tax of Rs 63.33 crore in the latest quarter.
Investment Rationale
The negative development of MD & CEO PR Seshadri resigning would act as an overhang on the stock, said Kotak Institutional. The brokerage has maintained buy rating given its inexpensive valuations but said it would watch if there is more to read from the development of Seshadri resigning.
Source: Economic Times
