Limited has maintained 'Buy' rating on Syndicate Bank stock to achieve a target of Rs 105 in 2-3 trading sessions.

According to Karvy, interested traders can buy the stock between Rs 99-100 with a strict stop loss of Rs 96.

The shares of the bank on Wednesday, (Dec 02), closed at Rs 98.70 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 105.40 and a low of Rs 37.65 on BSE.

Current EPS and P/E of the stock stood at 19.20 & 5.21 respectively.

During the last month, Mahindra First Choice Wheels, a pre-owned car company of M&M has signed a deal with Syndicate bank to provide used car loans at 9%.

Shubhabrata Saha, CEO of Mahindra FirstChoice disclosed that pre-owned car loans in the unorganized segment pulled in an interest rate of 16 to 17%.

He said, “10% of the pre-owned market is in the organized division and this small base allows us to work our way around with this sub-10 percent loan scheme. This is an entirely new ball game."

The estimated demand of the pre-owned car loans is high that makes Mahindra First Choice sure to arise with this development.

At present, the tenure ratio of new cars to used cars stood at 1:1 in India. In US, the same ratio ranges from 1:2 to 1:2.5.

Syndicate Bank India, set up in 1925 in Udupi, plays an essential role in offering up financial aid in the rustic and semi urban regions as well as to the individuals.