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Bank of Baroda |
Reinforced confidence |
BUY
CMP: Rs889 Target Price: Rs1,160
n We recently spoke to Dr Rupa Rege Nitsure, chief economist, Bank of Baroda. Here are key takeaways
n BOB quite confident about managing margins. Pre-emptive increase in lending rates and high CDR to help maintain NIMs
n The slippages to remain under check with minimal exposure to sectors recently in news for wrong reasons. Slippage rate for FY11E at 1.0-1.1%
n Valuations attractive at 1.8x FY11E/1.5x FY12E ABV. We maintain our BUY rating with price target of Rs1160. Remains our top pick in large PSU banks
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