Sharekhan has maintained its buy rating on 3i Infotech with price target of Rs 180 in its May 2, 2008 research report. "3i Infotech's consolidated revenues grew by 10.3% quarter on quarter (qoq) and 66.5% year on year (yoy) to Rs 349.9 crore in Q4FY2008. While, the organic revenue growth was 7.1% sequentially, acquisitions contributed 3.2% to the sequential growth in the top line during the quarter. The operating profit margin (OPM) was flat at 24.8% in Q4FY2008. The operating profit grew 9.9% qoq to Rs 86.7 crore during the quarter. The company's net profit grew by 0.6% to Rs48.8 crore, which was below our expectation of Rs 53.7 crore."
"To fine tune our earning estimates, we have revised up the earning estimates for FY2009 by 3.4% and have introduced FY2010 earning estimates. Our earning estimates does not incorporate Regulus acquisition since the regulatory approval for the same is yet to be obtained. At the current market price, the stock is trading at 9.8x FY2009 and 8.4x FY2010 earning estimates. We maintain our Buy recommendation on the stock with price target of Rs 180, says Sharekhan's research report.
Allahabad Bank:
"To fine tune our earning estimates, we have revised up the earning estimates for FY2009 by 3.4% and have introduced FY2010 earning estimates. Our earning estimates does not incorporate Regulus acquisition since the regulatory approval for the same is yet to be obtained. At the current market price, the stock is trading at 9.8x FY2009 and 8.4x FY2010 earning estimates. We maintain our Buy recommendation on the stock with price target of Rs 180, says Sharekhan's research report.
Allahabad Bank:
One of the most profitable banks and oldest banks of India, it has once again not disappointed. As usual, the financial performance for the year ended 31st March 2007 has been very good.
On a sequential basis, its total income rose by 36% of which the biggest contribution came from interest earned, which constituted 88% of the total income earned. Operating profit went up to Rs.1,479.51 crore, up by 34.51%. Net profit shot up by 29.94% to Rs. 974.74 crore. EPS increased to Rs.21.82 from Rs.16.79 during last year. Book Value per share improved to Rs.117.47 from Rs.100.22 during this period. YoY, the business of the Bank was at Rs.1,21,928 crore, up 20.18%. Total Deposits of the Bank increased to Rs.71,616 crore, recording a rise of 20.27% during the period. Market Share in aggregate deposits and gross advances stood at 2.22% and 2.14% respectively as at March, 2008. Capital Adequacy Ratio stood at 12.04% computed as per Basel II prescription of RBI. As per Basel I method of calculation, it is 12.23%.
During the year, Gross NPA declined to 2.00% as on 31.3.2008 from 2.61% as on 31.3.2007. Net NPA ratio decreased from 1.07% as at 31.3.2007 to 0.80% as on 31.3.2008.
The Bank has 2154 branches (excluding 1 Foreign Branch) as on 31.3.2008 (2060 as on 31.3.2007) of which 983 (46%) are in Rural, 405 (19%) in Semi-Urban, 452 (20%) in Urban and 314 (15%) in Metropolitan areas. The bank opened its first overseas branch in the busy economic centre of Hong Kong and has its representative office in Shenzhen, China. It has a subsidiary ALLBank Finance. The Bank plans to buy stake in a small bank in Africa to establish presence in the growing market.
Best to stay invested and one can even consider buying into this very profitable bank for long term gains.
On a sequential basis, its total income rose by 36% of which the biggest contribution came from interest earned, which constituted 88% of the total income earned. Operating profit went up to Rs.1,479.51 crore, up by 34.51%. Net profit shot up by 29.94% to Rs. 974.74 crore. EPS increased to Rs.21.82 from Rs.16.79 during last year. Book Value per share improved to Rs.117.47 from Rs.100.22 during this period. YoY, the business of the Bank was at Rs.1,21,928 crore, up 20.18%. Total Deposits of the Bank increased to Rs.71,616 crore, recording a rise of 20.27% during the period. Market Share in aggregate deposits and gross advances stood at 2.22% and 2.14% respectively as at March, 2008. Capital Adequacy Ratio stood at 12.04% computed as per Basel II prescription of RBI. As per Basel I method of calculation, it is 12.23%.
During the year, Gross NPA declined to 2.00% as on 31.3.2008 from 2.61% as on 31.3.2007. Net NPA ratio decreased from 1.07% as at 31.3.2007 to 0.80% as on 31.3.2008.
The Bank has 2154 branches (excluding 1 Foreign Branch) as on 31.3.2008 (2060 as on 31.3.2007) of which 983 (46%) are in Rural, 405 (19%) in Semi-Urban, 452 (20%) in Urban and 314 (15%) in Metropolitan areas. The bank opened its first overseas branch in the busy economic centre of Hong Kong and has its representative office in Shenzhen, China. It has a subsidiary ALLBank Finance. The Bank plans to buy stake in a small bank in Africa to establish presence in the growing market.
Best to stay invested and one can even consider buying into this very profitable bank for long term gains.
Bank of India:
The Bank of India has posted encouraging results for the year ended 31st March 2008.
YoY, the total income of the bank rose 35% at Rs.14472.15 crore. PBT rose by a very healthy 54% at Rs.3701.21 crore. Net profit rose by a whopping 79% at Rs.2009.40 crore. On an equity of Rs.525.91 crore, it posted an EPS of Rs.40.83 as against Rs.23.04 in FY07. For the year 2007-08, cost of funds increased to 5.07% and yield on advances touched 9.34%. Its Capital Adequacy Ratio was at 12.95% as against 11.78% in FY07.
The Government of India has a 64.47% stake in the bank, which has come down marginally from 69.47% in FY07. This is mainly because the bank, during the quarter ended March 31, 2008 had issued and allotted 3,77,72,600 fresh equity shares of the face value of Rs.10 each at a premium of Rs.350 per share through Qualified Institutions Placements.
The Bank had marked-to-market losses on account of currency derivatives transactions of about Rs.125 crore. The bank has made a provision of $5 million in Q4 for its exposure to overseas credit derivatives instruments. It has 34 customers who trade regularly in currency derivatives and has transacted some 74 deals. The Bank does not see any default on these accounts as these 34 are corporate customers. The bank is now concentrating on increasing its presence overseas and in this fiscal, is planning to acquire a bank either in Africa or West Asia.
YoY, the total income of the bank rose 35% at Rs.14472.15 crore. PBT rose by a very healthy 54% at Rs.3701.21 crore. Net profit rose by a whopping 79% at Rs.2009.40 crore. On an equity of Rs.525.91 crore, it posted an EPS of Rs.40.83 as against Rs.23.04 in FY07. For the year 2007-08, cost of funds increased to 5.07% and yield on advances touched 9.34%. Its Capital Adequacy Ratio was at 12.95% as against 11.78% in FY07.
The Government of India has a 64.47% stake in the bank, which has come down marginally from 69.47% in FY07. This is mainly because the bank, during the quarter ended March 31, 2008 had issued and allotted 3,77,72,600 fresh equity shares of the face value of Rs.10 each at a premium of Rs.350 per share through Qualified Institutions Placements.
The Bank had marked-to-market losses on account of currency derivatives transactions of about Rs.125 crore. The bank has made a provision of $5 million in Q4 for its exposure to overseas credit derivatives instruments. It has 34 customers who trade regularly in currency derivatives and has transacted some 74 deals. The Bank does not see any default on these accounts as these 34 are corporate customers. The bank is now concentrating on increasing its presence overseas and in this fiscal, is planning to acquire a bank either in Africa or West Asia.
Currently quoted at Rs.350, hold on.
Source: Internet
