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BFSI will drive incremental earnings growth in 3QFY23E aided by healthy business growth, NIM expansion, and benign credit costs, even as opex could remain high due to continuous investments in businesses.

At current valuation, the stock is trading at ~5x 1-year forward EV/EBITDA (cash balance Rs39.3bn; market cap Rs49.4bn), which is significantly below historical levels.

The stock quoted a 52-week high price of Rs 451.5 and low of Rs 312.05.

The brokerage slashes its earnings by

The token’s advance so far is the best for the opening month of a year since a 31% rally in 2020 before the pandemic hit.

The rupee was trading at 81.3150 per dollar by 10:08 a.m. IST, compared with 81.3250 in the previous session. As on Friday, the local currency was finding it difficult to make headway above the 81.20-81.25 levels.

The Relative Strength Index of the stock stood at 41.42 on Monday.

"We had promised 80% retailisation by FY26 and you would see that the retail portfolio is growing fast. Profitability with the asset quality remains very good. So this quarter itself we have shown a 10% quarter on quarter growth in retail. The retail numbers are trending extremely well;, the retail ROA has reached 2.6% and so clearly that portion is growing very well."

The global brokerage has an outperform rating on the stock with a target price of Rs 2,200. The biggest positives were continued growth in deposits of 20% (vs system of 10%) and a sharp increase in branch count.

The Relative Strength Index (RSI) is at 70.9. RSI above 70 is considered overbought. This implies that the stock may show a pullback. MACD is above its center and signal line, this is a bullish indicator.