indian stock market

Contribution of regional content fell from 34 percent to 23 percent year-on-year on account of poor performance of Tamil and Telugu content. Maryam Farooqui @farooqui_maryam

23.01.2020 49 Share on Facebook   Tweet on Twitter     Brokerage houses remain bullish on the country’s largest lender State Bank of India after healthy earnings in the September quarter with a significant fall in slippages. They expect the stock to rally to Rs 420, implying a 49 percent upside from current levels, in the next one year. While having a buy call on the stock, Jefferies raised its target price to Rs 385 from Rs 380, as the bank delivered a surprisingly strong quarter, especially on the asset quality front, the biggest worry plaguing the banking sector. “Insolvency and Bankruptcy Code (IBC) recoveries could be surprising on the upside and keep credit costs under control. Valuations are attractive at 0.9x forward P/B for a 15 percent return on equity (RoE) by FY21,” the brokerage said, adding it tweaked earnings estimate by (up) 6.8 percent for FY20 and (up) 0-1 percent for FY21-22. Kotak Institutional Equities also retained its buy call