Author - Abhishek Salunke

Business at 85-90% of pre-COVID levels – Amber Enterprise

Update on Indian equity market:
Indian markets were slightly higher today with Nifty closing the day 57 points higher at 11,954. Within the index, the gainers were led by POWERGRID (4.2%), BHARTIARTL (3.5%) and TATASTEEL (3.1%) whereas BRITANNIA (-4.3%), TCS (-2.3%) and SBILIFE (-1.9%) were the laggards. Among the sectoral indices, REALTY (4.7%) METAL (2.4%) and BANK (1.6%) led the index higher whereas FMCG (-0.9%), MEDIA (-0.5%) and IT (-0.4%) led the laggards.
Excerpts of an interview with Mr. Jasbir Singh, Chairman & CEO, Amber Enterprise Ltd (Amber) published on CNBC-TV18 dated 19th October 2020:
The recent notification by the central government to ban the import of ACs with refrigerants would increase local manufacturing. 30% of ACs worth Rs 40,000 mn were imported in India in FY20. 75% of this had refrigerants. The company is eyeing the majority share from this opportunity.
The decision of the government will shift the complete manufacturing of all the imported goods to India and the company will benefit as they have the capacities in place.
India currently produces 7mn RACs (Refrigeration & Air Conditioning) whereas China produces 110 mn RACs.
The business is back on track and the industry is back to 85-90% of pre-COVID levels on a month on month basis.
The company has won some orders from Metro and Railways which are moving normally. The company expects some more orders in the recent future.
He said that pent demand during the months of lockdown resulted in increased manufacturing orders by OEMs (Original Equipment Manufacturers)
The company recently bought the remaining 20% stake in Sidwal Refrigeration Industries. Accordingly, Sidwal is now a wholly-owned subsidiary of Amber. The company expects a 15% growth from Sidwal acquisition in FY21E.
Consensus Estimate: (Source: market screener website)
The closing price of Amber was ₹ 2,307/- as of 21-Oct-2020. It traded at 96x/ 35x/ 26x the consensus EPS estimate of ₹ 24/ 66/ 90 for FY21E/ FY22E/ FY23E respectively.
The consensus target price of ₹ 2,050/- implies a P/E multiple of 23x on FY23E EPS of ₹ 90.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

Enough liquidity in the system, but credit flow weak – Edelweiss

Update on Indian equity market:
Indian markets were muted today with Nifty closing the day 4 points higher at 11,935. Within the index, the gainers were led by IT biggies like HCLTECH (+4.1%), INFY (+2.5%) and KOTAKBANK (+2.2%) whereas CIPLA (-3.6%), TITAN (-2.6%) and ADANIPORTS (-2.5%) were the laggards. Among the sectoral indices, only IT (+1.3%) and METAL (+0.4%) closed in green whereas PHARMA (-1.8%), PSU BANK (-1.5%), and PVT BANK (-0.9%) led the laggards.
Excerpts of an interview with Mr. Rashesh Shah, CEO, Edelweiss Financial Services Ltd. (Edelweiss) published on CNBC-TV18 dated 12th October 2020:
50% of the loan book was under moratorium when it was announced by the Government. The same number has been under 20% by the end of September. 80% of customers are paying regularly. He said that the company has exposure to only semi-formal and formal sectors. The current Non-Performing Assets (NPA) is at 2-3%.
Commenting on the impact of the pandemic on the company’s books, he said that 2% should be the impact of credit cost purely because of COVID-19. He said that growth and profitability are the two challenges for the Non-Banking Financial Companies (NBFC) sector.
Liquidity in the system has improved in the last four-five months through various measures like TLTRO, partial credit guarantee schemes taken by the RBI. He said that liquidity is ample but the market is currently lacking the credit flow.
The bond market needs to get stabilized, long term credit flow needs to get started again for risk-taking, and the investment cycle to start again. The bond markets are currently dislocated and not yet back to 60-70% of the pre-ILFS levels.
The company has recently raised Rs 20,000 mn through the stake sale in the wealth management business, which is more than 5% of the company’s book size.
He said that the capital adequacy ratio for the housing finance business is at 25%, retail NBFC at 28%, and ECL finance at 21%.
Consensus Estimate: (Source: market screener & investing.com websites)
The closing price of Edelweiss was ₹ 60/- as of 13-Oct-2020. It traded at 0.9x/ 0.8x/ 0.8x the consensus Book Value estimate of ₹ 66/ 70/ 77 for FY21E/ FY22E/ FY23E respectively.
The consensus target price of ₹ 87/- implies a P/BV multiple of 1.1x on FY23E BV of ₹ 77.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

95% of stores have resumed operations – Bata India

Update on Indian equity market:
The optimism in markets continued as Nifty closed the holiday-shortened week at 11,415 (+1.5%). Among the index, INDUSINDBK (12.3%), BAJFINANCE (5.0%), and BAJAJAUTO (4.1%) were the top-performing stocks while DRREDDY (-1.4%), ITC (-0.5%) and ONGC (-0.5%) were the laggards. The optimism was such that all the sectors traded in the green zone on a weekly expiry day with PVT BANK (4.1%), BANK (3.6%), and MEDIA (3.1%) leading the rally.
Excerpts of an interview with Mr. Sandeep Kataria, CEO, Bata India (Bata) published on ETNOW dated 25th September 2020:
Mr. Kataria said the sales trends are changing after COVID-19. The Work-From-Home norm has affected the demand trends as the demand is moving towards comfort wear.
Footfalls are gradually increasing in the stores as the unlock is happening. 95% of the Bata stores have resumed operations.
Small towns with 1-3 lakh population are the fastest to return to pre-COVID levels. The company has seen demand from smaller towns as they choose to shop from local stores instead of traveling to cities. Stores near residencies are doing better.
The company has identified new avenues of growth in the post-pandemic era as the country gradually learns to cope with the virus. Sales via distribution channels are witnessing growth.
He said that sales via digital retail have seen dramatic growth in India during the lockdown. The company has even sold products via video calls and WhatsApp.
The company was growing between 7% and 11% for the last five years before the pandemic struck. Its revenue fell 9% in the quarter ended in March 2020. He expects FY21 to be subdued due to disruptions caused by the virus and confident of attaining growth in the following years.
Consensus Estimate: (Source: marketscreener & investing India website)
The closing price of Bata was ₹ 1,345/- as of 01-Oct-2020. It traded at 179x/ 45x/ 37x the consensus EPS estimate of ₹ 7.5/ 29.8/ 35.9 for FY21E/ FY22E/ FY23E respectively.
Consensus target price of ₹ 1,290/- implies a P/E multiple of 36x on FY23E EPS of ₹ 35.9/-.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

Expect 90% collection efficiency in September – Shriram Transport Finance

Update on Indian equity market:
Markets continued to fall further on Tuesday after a sharp selloff on Monday as Nifty closed 99 points lower at 11,152. Among the stocks, HCLTECH (+2.3%), TCS (+2.2%) and GRASIM (+1.8%) were the top-performing stocks while ZEEL (-6.6%), ADANIPORTS (-4.8%), and GAIL (-4.5%) were the laggards. Within the sectoral indices, only IT (+1.2%) and PHARMA (+1.0%) were able to close the day in green whereas MEDIA (-2.4%), AUTO (-1.8%), and REALTY (-1.5%) were the sectors that bled the most.
Excerpts of an interview with Mr. Umesh Revankar, Managing Director & CEO, Shriram Transport Finance (Shriram) aired on CNBC TV18 dated 21st September 2020:
September is the first month without a loan moratorium. Since there is no moratorium, the collection has to be really good. In addition, most of the locations under lockdown have been opened up. The containment zones are the problem areas.
In May, 51% of the company’s borrowers made partial or full payment, up from 24% in the month of April. It increased to 71% in June while it remained flat in the months of July and August. About 73% of clients made payments in August. The company is expecting a 90% collection efficiency in the month of September. He said that the company is able to meet customers physically and they are willing to pay. They have observed delays in payments by very few customers.
He said that the disbursements are also picking up. The disbursements in the month of August were 50% of last year’s levels which has increased to 75% in September. The company expects to reach 90-100% of the monthly run rate in October- November period.
The business has been picked up in the second half of August in semi-urban and rural areas. He said that urban areas are mostly seeing e-commerce activity leading to some demand.
The company expects the business to be normal and to pre-lockdown levels by December as their customer segment is mostly owner-operator of the vehicle and less dependent on outside driver/ helper.
The festival period in October- November is likely to be good for the business. Some sectors like travel & tourism will take a little more time to recover. He said that the demand in the rural market has been really good and the NBFC should be able to improve business there with better penetration.
Consensus Estimate: (Source: market screener & investing India website)
The closing price of Shriram was ₹ 642/- as of 22-Sept-2020. It traded at 0.8x/ 0.7x/ 0.6x the consensus BV estimate of ₹ 837/ 932/ 1,036 for FY21E/ FY22E/ FY23E respectively.
The consensus target price of ₹ 884/- implies a P/BV multiple of 0.9x on FY23E BV of ₹ 1,036/-.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

Expect AUM growth of 12-15% in FY21E – Manappuram Finance

Update on Indian equity market:
In the absence of economic news flow, markets traded with caution as Nifty closed the day mere 5 points higher at 11,455. Among the index, WIPRO (2.8%), SBIN (2.7%), and TECHM (1.9%) were the top performing stocks while ZEEL (-2.4%), INDUSINDBK (-1.7%), and POWERGRID (-1.5%) were the laggards. Within the sectoral indices, IT (1.3%), REALTY (1.3%), and PSUBANK (0.8%) were the top performing sectors whereas MEDIA (-0.9%), PVTBANK (-0.2%), and FIN SERVICES (-0.01%) were the only the sectors closed the day in red.
Excerpts of an interview with B.N. Raveendrababu, Director, Manappuram Finance (Manappuram) published on ET Now dated 9th September 2020:
The business is robust in the gold loan sector but the NBFC would stick to conservative lending and focus on consolidation of the company.
The overall demand for credit has not reached the pre-COVID state. The existing customers have taken more loans and compensated for the slowdown seen in new customer acquisition. He added that customers have also leveraged on higher gold prices.
He mentioned that around 25% of the customers in microfinance, housing finance, and vehicle leasing have availed the moratorium. Collection in microfinance business will cross 85% whereas collections in vehicle finance and housing finance division is expected to touch 90% in September. The company expects some credit loss in the coming quarter in this sector but the company has already provided for that.
New loan disbursals are lower in the non-gold portfolio and seen around 50% when compared to last year, he said. The company’s non-gold loan businesses now account for a 28-30% share of its consolidated AUM.
Regarding the cost of funds, the average borrowing cost for the stand-alone entity went down marginally by 7 bps during the first quarter to 9.39 %. The company expects the cost of funds is likely to come down further by 10-15 bps in the current quarter.
Consensus Estimate: (Source: marketscreener website)
The closing price of Manappuram was ₹ 156/- as of 11-Sept-2020. It traded at 1.9x/ 1.6x/ 1.4x the consensus BV estimate of ₹ 80.2/ 97.7/ 108 for FY21E/ FY22E/ FY23E respectively.
Consensus target price of ₹ 183/- implies a P/BV multiple of 1.7x on FY23E BV of ₹ 108/-.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

Insulin Glargine is $2.2bn opportunity in the insulin segment – Biocon

Update on Indian equity market:
After the steep fall on Monday, markets were in a recovery mode for the second straight day as Nifty50 rose 65 points higher at 11,535. Among the index, ZEEL (+7.5%), M&M (+6.1%) and TATAMOTORS (+5.1%) were the top performing stocks while BAJAJAUTO (-2.4%), HEROMOTOCO (-1.4%) and ASIANPAINT (-1.4%) were the laggards. The negative market reaction to two-wheeler stocks came as a surprise as companies delivered good performance in the monthly volumes. Within the sectoral indices, MEDIA (+3.4%), METALS (+1.8%) and IT (+1.5%) were the top performing sectors whereas PSU BANK (-0.4%) and FIN SERVICES (-0.03%) were the only the sectors closed the day in red.
Excerpts of an interview with Kiran Mazumdar Shaw, Executive Chairperson, Biocon published on CNBC TV18 dated 2nd September 2020:
Biocon and Mylan announced the launch of Semglee (Insulin Glargine injection) in the U.S. to expand access for patients living with Diabetes. Ms Mazumdar Shaw said that the commercialization of insulin glargine in the U.S. represents another milestone achievement for the company in making insulin based therapy globally.
The company is leveraging science and global scale manufacturing expertise to expand affordable access of biosimilar insulins to patients in Japan, Australia, Europe, India and key emerging markets. The U.S. launch of Semglee takes the company closer to realizing its aspirations of reaching ‘one in five’ insulin dependent people with diabetes worldwide.
The company expects Semglee to contribute significantly to the company’s goal of impacting 5 million patients’ lives and achieving $1bn revenues by the end of FY22E.
The company rigorously compared Semglee to the reference insulin glargine in participants with type-1 and 2 diabetes and found similar glycemic results in both groups. As a result, this insulin was approved by the FDA for the same indications as its reference product Lantus, thus expanding access for millions of people within this important patient community.
Semglee has an identical amino acid sequence as Sanofi’s Lantus and is approved for the same indications. This product has now received regulatory approval in more than 45 countries around the world and is the third product approved by FDA through the Mylan- Biocon collaboration.
She mentioned that this product already has a $6bn market opportunity in terms of Lantus sales and the company expects it to be $2.2bn opportunity.
Consensus Estimate: (Source: market screener website)
The closing price of Biocon was ₹ 410/- as of 24-Aug-2020. It traded at 46x/ 31x/ 26x the consensus EPS estimate of ₹ 8.9/ 13.4/ 15.8 for FY21E/ FY22E/ FY23E respectively.
Consensus target price of ₹ 413/- implies a P/E multiple of 26x on FY23E EPS of ₹ 15.8.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

Housing Finance book is expected to grow five times in next five years – Bandhan Bank

Update on the Indian Equity Market:
Markets started the week on a positive note with Nifty50 rising 95 points higher at 11,466. Among the index, ZEEL (4.8%), KOTAKBANK (3.5%) and INDUSIND (3.3%) were the top performing stocks while POWERGRID (-2.0%), M&M (-1.2%) and ADANIPORTS (-1.1%) were the laggards. Within the sectoral indices, PVT BANK (2.4%), BANK (2.4%) and FIN SERVICE (2.1%) were the top performing sectors whereas REALTY (-1.0%), PHARMA (-0.4%) and IT (-0.3%) were the only the sectors closed the day in red.
Excerpts of an interview with Mr.Chandra Shekhar Ghosh, Managing Director & CEO, Bandhan Bank (Bandhan) published in Economic Times dated 23rd August 2020:
It is good that failure on large exposures happened very early into Bandhan Bank’s journey, which helped limit the losses and affirmed that it will never lend to the large segment again.
He said that there is a huge opportunity in the rural affordable housing segment. The focus is on housing finance space and the target is to grow the loan book by five times in the next five years to Rs 1 lakh crore. This, he expects will occupy nearly a third of the Rs 3.5 lakh crore lending book that the bank has targeted.
The business has had cycles of good growth, which gets followed with some impact due to changes in the overall environment beyond the bank’s control, and specifically mentioned demonetisation and the current COVID-19 pandemic which led to a full wipeout in collections.
When asked about setbacks like repayments impact due to the anti-CAA protests over the last year, he said till date, not a single rupee of loan has been written off in Assam and the reverses it faced because of the protests are a part of business.
After becoming a bank, its rate of lending has reduced to 17.95 per cent from 22.4 percent earlier and will reduce further as the share of the low-cost deposits will grow, he said, admitting that in the beginning, getting people to deposit was a challenge because the whole system had been tuned as a model focusing on lending and not liabilities.
Small borrowers prefer paying because they understand the importance of a commitment to repay and do not mind sharing the benefits of a growing business with the financier who helped make it possible. He also said more than the rate of interest, a borrower is more concerned with delivery of simple and timely credit for all.
Consensus Estimate: (Source: marketscreener website)
The closing price of Bandhan Bank was ₹ 295/- as of 24-Aug-2020. It traded at 2.7x/ 2.3x/ 1.9x the consensus Book Value estimate of ₹ 108/ 129/ 159 for FY21E/ FY22E/ FY23E respectively.
The consensus target price of ₹ 372/- implies a BV multiple of 2.3x on FY23E Book Value of ₹ 159.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

Making structural changes to diversify from auto industry – JSW Steel

Update on Indian equity market:
Nifty remained muted on the weekly expiry day, ending 8 points lower at 11,300. Within NIFTY50, TATAMOTORS (+4.5%), LT (+4.4%) and HINDALCO (+4.2%) were the top gainers while SUNPHARMA (-2.1%), EICHERMOT (-2.1%) and BHARTIARTL (-2.0%) were the top losers. Among the sectoral indices, MEDIA (+1.4%), AUTO (+1.2%) and METAL (+1.1%) were the highest gainers whereas PSU BANKS (-1.0%), PHARMA (-0.9%) and BANK (-0.3%) were the laggards.
Excerpts of an interview with Mr. Seshagiri Rao, Joint Managing Director & CFO, JSW Steel (JSW) published in Economic Times dated 04th August 2020:
•Mr Rao said that in the normal scenario, the company was supplying about 2 million tonne to the Auto sector from the total annual capacity of 15 million tonne. During the pandemic lockdown, the number had dropped by as much as about 65%.
•The company is witnessing demand for steel picking up in tractors and two-wheelers. The demand from top-2 passenger car makers, Maruti and Hyundai has been improved in July over June. The demand for steel in the commercial vehicles segment however remained depressed.
•The company’s alloy steel plant at Salem produces about 1 lakh tonne out of which 70,000 tonne capacity is on rolling basis. There is one bloom mill completely dedicated to the auto sector, and there is a bar mill which can have multiple applications, and finds use in the sectors other than the auto also.
•In the lockdown, the bar mill production was not reduced, whereas the bloom mill production came down to 0 in the month of April, which is currently operating at 10,000- 15,000 tonne a month.
•The changes that company is making on the Auto side are not temporary, they are all structural. The growth in demand for steel from the Auto sector is not the same as the industry has witnessed in the past. He expects it to never be the same and therefore diversification has a strategic component with itself.
Consensus Estimate: (Source: market screener website)
•The closing price of JSW Steel was ₹ 259/- as of 13-Aug-2020. It traded at 38x/13x/ 9x the consensus EPS estimate of ₹ 6.8/ 20.5/ 27.8 for FY21E/ FY22E/ FY23E respectively.
•Consensus target price of ₹ 233/- implies a PE multiple of 8x on FY23E EPS of ₹ 27.8.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

Pharma needs more government sops to ramp up API production – LUPIN

Update on Indian equity market:

Nifty started the week on a positive note, ending 56 points higher at 11,270. Within NIFTY50, CIPLA (9.5%), M&M (4.9%) and LT (4.8%) were the top gainers while EICHERMOT (-2.2%), ASIANPAINT (-1.2%) and MARUTI (-1.2%) were the top losers. All the sectoral indices closed the day in green led by PHARMA (5.5%), REALTY (2.8%), and IT (1.0%).

Excerpts of an interview with Mr.Nilesh Gupta, Managing Director, Lupin published in Mint dated 10th August 2020:

  • In the April-June quarter, the company was able to show improvement in margins even though the sales were down. Mr Gupta mentioned that margins were a function of the savings that the company was able to make in this quarter and he expects it to be sustainable even as business picks up.
  • The biggest savings came from SG&A (selling, general & administrative expenses). The company has planned to adopt a more digital approach in how they promote to doctors. 
  • In the specialty segment, Solosec (anti-infective) sales were impacted due to pandemic. The company had to cut down the sales force to a third. It has reduced the cash burn significantly. Other specialty products like NaMuscla and biosimilars like Etanercept will not get impacted in the same way and the company is continuing with its plans.
  • In case of APIs, the company was able to pass on input price increases to customers. The move away from China also opened opportunities for companies from other geographies including Lupin. The last two to three years has seen a resurgence of API and it still remains a great opportunity. The industry needs support from the government to ramp up the facilities.
  • The recent order from the US government will affect the revenues of essential medicines. Lupin has manufacturing in the US and can set up plants anywhere in the world. The order is not an individual company issue but has implications for India.

Consensus Estimate: (Source: market screener website)

  • The closing price of LUPIN was  968/- as of 10-Aug-2020. It traded at 37x/ 25x/ 21x the consensus EPS estimate of 26.1/ 38.2/ 46.5 for FY21E/ FY22E/ FY23E respectively.
  • The consensus target price of ₹ 865/- implies a PE multiple of 19x on FY23E EPS of ₹ 46.5.

Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

Chances of recovery depend on economy – Bank of Maharashtra

Update on the Indian Equity Market:

Following the global indices, markets started the day on a negative note but shrugged off most of losses as Nifty closed the week at 11,194 (-0.2%). Within the index, HCLTECH (+4.7%), RELIANCE (+4.4%) and TECHM (+3.6%) were the largest gainers whereas ZEEL (-4.8%), HINDALCO (-3.5%), and AXISBANK (-3.2%) were the highest losers. Among the sectoral indices, only one index, IT (1.4%) ended the day in green while METAL (-2.1%), PSU BANK (-1.9%) and REALTY (-1.7%) led the losing sectors.

Excerpts of an interview with Mr A S Rajeev, CEO of Bank of Maharashtra with ET now dated 19th July 2020:

  • The impact that the pandemic will have on the economy would be much larger than the global financial crisis of 2008. This has resulted in significant reduction in capex as well as lower discretionary spending. All this is going to impact credit off-take in the near term. 
  • Going forward, as the economy opens up fully post lock down, chances of recovery are very good. The demand has started to pick up, although it is still lower than the pre-Covid levels. At present, the agriculture sector is likely to pick up primarily due to good monsoon expected this year. In other sectors, recovery is likely to pick up from the third quarter onwards
  • 35% of term loan borrowers of the bank have opted for the moratorium. The number is around 20% of the total advances. The bank has kept their provision ratio high at 84% to tackle the bad loans.
  • The bank is well capitalized with the capital adequacy ratio at 13.5% which is reasonably high to grow the assets. The board has created an enabling provision to raise up to Rs 30,000 mn including Rs 20,000 mn through equity when it is required in the next one year. The bank would look at raising capital once present market conditions improve.
  • In order to grow the loan book, the bank is focusing on government undertakings which are generally large ticket sized and “A” and above rated corporates for optimizing risk rewards. Among midsize corporate accounts having ticket size of Rs 500 mn to Rs 1,500 mn,the bank is exploring sunrise sectors such as pharmaceutical industries and FMCG, which are safer bets now.
  • The present promoter holding in the bank is 93.32% after considering capital infusion of Rs 8,310  mn by the government in March. The bank is in touch with authorities to allow some time to achieve minimum public shareholding to 25%. The present deadline will be expiring in August.

Consensus Estimate: (Source: market screener and investing.com websites)

  • The closing price of Bank of Maharashtra was ₹ 12.4/- as of 24-July-2020.  It traded at 0.6x the consensus book value of 20.3 for FY20.
  • The consensus price target for Bank of Maharashtra is not available on the stated websites.

Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”