M&M Financial Services falls on poor Q3 profit but brokerages foresee up to 50% upside
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LIC IPO: Because the last quarter of the financial year will end, all eyes are in the Mega initial public offering (IPO) of LIC. The government tends to be a draft paper for LIC IPO with market regulators next week, the PTI news agency reported quoting the top officials. Minister of Finance Nirmala Sitharaman in 2022-23 budget speeches said: “Public problems from LICs are estimated immediately.”
CLSA has maintained a ‘outperform’ call in stock with a target at RS 240 per share, upside down 50 percent of the current level Provision retreat continued but expected a one-time blow to Q4. We have cut our FY22 profit estimate of 42 percent because one-off, FY23 is 2 percent and TA24 is 6 percent. There will be one hit for credit costs in Q4 on the RBI norm For NPL recognition, “said the brokerage company.
Citi has a ‘buy’ call in stock but has cut the target to RS 190 from Rs 210 per share, up 18 percent from the current market price. The research company believes that the NPA is significantly higher under daily marking with the company hoping for a large recovery in Q4. This has cut FY22 profit estimments of 65 percent.
Macquarie on the other hand has a ‘neutral’ call in stock and has cut the target to RS 175 per share, reversed 9 percent of the current level. The brokerage company felt that the company was the worst affected among colleagues by the new NPL Norma RBI. The company’s distribution increases, but still below the pre-covid level “Stocks do not have a short-term trigger but the assessment does not weighing 24 EPS by 21 percent / 13 percent because we build higher credit costs in the future,” he said.
LIC IPO: Because the last quarter of the financial year will end, all eyes are in the Mega initial public offering (IPO) of LIC. The government tends to be a draft paper for LIC IPO with market regulators next week, the PTI news agency reported quoting the top officials. Minister of Finance Nirmala Sitharaman in…