We had extended ING Vysya Bank (IVB) target price to Rs535 on October 22 after the initial target of Rs460 was achieved. In todayâ€™s trading, the stock surpassed the extended target in the ending trades thus realizing the expected return of 15% from the extension date. Therefore, on cumulative basis, the stock has delivered a return of 40% since our initiation report dated September 17. Considering improving market sentiment, high demand for quality mid-sized private banks and IVBâ€™s robust earnings profile, we advise investors to remain invested in the stock with a revised price target of Rs600.
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