Intraday Buy Call For Dena Bank
Technical Analyst Salil Sharma has maintained 'buy' rating on Dena Bank stock to achieve an intraday target of Rs 88.
According to him, interested traders can purchase the stock with a stop loss of Rs 81.
The shares of the company, on May 04, closed at Rs 84.30 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 93 and a low of Rs 37.60 on BSE.
Current EPS & P/E ratio stood at 17.82 and 4.63 respectively.
Dena Bank is eyeing a loan growth of 22-24 percent in the current financial year.
The bank has sought Rs 1300 crore of capital from the federal administration by the next 3 years in order to meet up loan expansion objectives.
The bank's capital adequacy as on March 31 stood at 12.77%.
The lender is also eyeing a net interest margin of 2.65-2.70% in the current fiscal.
Moreover, the bank plans to open 400 new divisions by 2013 to expand its footprint.
Dena bank recorded 23.42% increase in Jan-March net profit to Rs 137 crore on credit demand from both business and retail segments.
The bank's loan book increased 22.40% in FY10 on higher lending to retail, farming and medium businesses.