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Thursday, July 18, 2024

Fundamental Advice: This Week, Invest in These Two Rekha Jhunjhunwala Portfolio Banking Stocks


<p>On the asset side, net advances increased from December 31, 2022, to December 31, 2023, totaling Rs. 199185.23 Cr. Retail advances had a 20.39% rise to Rs. 65041.08 Cr in Q3FY24. To Rs. 16679.75 Cr., business banking advances climbed by 17.80%. Net interest income grew from Rs.1956.53 Cr in Q3FY23 to Rs.2123.36 Cr in Q3FY24 as of December 31, 2023, an increase of 8.53%. The bank’s overall revenue rose to Rs. 6592.66 Cr., a 32.72% rise. In Q3FY24, the annualized profits per share (EPS) was Rs 16.54. The bank’s quarterly ROE was 14.80%, while its ROA was 1.39%.</p>
<p><img decoding=”async” class=”alignnone wp-image-361399″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-fundamental-advice-this-week-invest-in-these-two-rekha-jhunjhunwala-portfolio-bank.jpg” alt=”theindiaprint.com fundamental advice this week invest in these two rekha jhunjhunwala portfolio bank” width=”1078″ height=”607″ title=”Fundamental Advice: This Week, Invest in These Two Rekha Jhunjhunwala Portfolio Banking Stocks 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-fundamental-advice-this-week-invest-in-these-two-rekha-jhunjhunwala-portfolio-bank.jpg 600w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-fundamental-advice-this-week-invest-in-these-two-rekha-jhunjhunwala-portfolio-bank-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-fundamental-advice-this-week-invest-in-these-two-rekha-jhunjhunwala-portfolio-bank-150×85.jpg 150w” sizes=”(max-width: 1078px) 100vw, 1078px” /></p>
<p>The bank’s gross non-performing assets (NPA) at the end of Q3 FY24 were Rs. 4628.79 Cr or 2.29% of its gross loans. As of December 31, 2023, the Net NPA was at Rs. 1284.37 Cr, and the Net NPA as a percentage of Net Advances was at 0.64%.</p>
<p>Target Price for Federal Bank Shares<br />
“We think that as profitability increases, asset quality should remain steady. Because of the consistent growth and provision needs that we have included in the balance sheet, we anticipate that by FY25E, it will produce a RoA/RoE of 1.5%/15.4%. In research, LKP Securities said, “We reiterate BUY with a target price of Rs 169 (based on 1.2x FY25E Adj. BVPS); the potential upside of 18%.”</p>
<p><strong>The Shares Of Rekha Jhunjhunwala In Federal Bank</strong><br />
Rekha Jhunjhunwala had 72,713,440 equity shares of the bank in her portfolio at the end of Q3FY24, representing a 3.02 percent ownership in Federal Bank.</p>
<p><strong>Bank Canara</strong><br />
Canara Bank’s third-quarter profit projections, which cover the period from October to December 24, have been made public by Emkay. The trading company, Emkay, predicts that during Q3FY24, Canara Bank will have a net profit of Rs. 3,524.5 crore, up 22.3% year over year, and that Net Interest Income (NII) will increase by 0.7% year over year to Rs. 8,656.8 crore.</p>
<p>On January 24, 2024, Canara Bank is anticipated to reveal its financial results for the quarter that concluded on December 31, 2023.</p>
<p>Canara Bank has performed well this fiscal year, supported by increases in asset quality and a healthy loan book. In FY24E, the bank is expected to report a RoA/RoE of 0.9%/17.6%. An annual credit increase of 12–14% is projected. Expected to be less than 4.5%/1.2% is GNPA/NNPA. With a well-balanced asset mix and a greater focus on the retail, agricultural, and MSME (“RAM”) sectors, the bank has enhanced risk diversification. To reach the objective of Rs 538, we value the firm at 6.6x FY24 EPS, according to a report from HEM Securities.</p>
<p><strong>The Shares Of Rekha Jhunjhunwala In Canara Bank</strong><br />
Rekha Jhunjhunwala’s portfolio had 3,75,97,600 equity shares of Canara Bank as at Q3FY24, or 2.07% of the bank’s total paid-up share capital.</p>


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